Corporation Tax Act 2009 Explanatory Notes

Section 407: Postponement until redemption of debits for connected companies’ deeply discounted securities

1227.This section provides that debits on a deeply discounted security are, in certain circumstances, only brought into account under this Part on redemption where the debtor and creditor are connected. It is based on paragraph 17(1) to (3) and (5) of Schedule 9 to FA 1996.

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