SCHEDULES

F2F2F3Schedule 28AF1Change in ownership of company with investment business: deductions

Annotations:
Amendments (Textual)
F2

Sch. 28A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)

F3

Sch. 28A inserted (with effect in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 3

F1

Sch. 28A heading substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 39(11)

Part I Significant increase in company capital

Capital and amounts of capital

5

1

The capital of a company consists of the aggregate of—

a

the amount of the paid up share capital of the company;

b

the amount outstanding of any debts incurred by the company which are of a description mentioned in any of paragraphs (a) to (c) of section 417(7); and

c

the amount outstanding of any redeemable loan capital issued by the company.

2

For the purposes of sub-paragraph (1) above—

a

the amount of the paid up share capital includes any amount in the share premium account of the company (construing “share premium account” in the same way as in section F4610 of the Companies Act F42006); and

b

the amount outstanding of any debts includes any interest due on the debts.

3

Amounts of capital shall be expressed in sterling and rounded up to the nearest pound.