Section DB 10 — Income Tax Act 2007: Interest or expenditure connected to profit-related or substituting debentures

DB 10 Interest or expenditure connected to profit-related or substituting debentures When this section applies (1) This section applies for the purposes of section FA 2 (Recharacterisation of certain debentures). No deduction (2) A company issuing either a profit-related debenture or a substituting debenture is denied a deduction for— (a) interest payable under the debenture; or (b) expenditure or loss incurred in connection with the debenture; or (c) expenditure or loss incurred in borrowing the money secured by or owing under the debenture. Relationship with sections DB 5 to DB 8 (3) This section overrides sections DB 5 to DB 8 . Link with subpart DA (4) This section overrides the general permission. Defined in this Act: debenture , deduction , general permission , interest , pay , profit-related debenture , substituting debenture , Compare: 2004 No 35 ss FC 1(1) , FC 2(2)