Section DB 25 — Income Tax Act 2007: Cancellation of shares held as revenue account property

DB 25 Cancellation of shares held as revenue account property When this section applies (1) This section applies for the purposes of section FA 4(3)(b) (Recharacterisation of shareholder’s base: company repurchasing share). No deduction (2) A shareholder is denied a deduction for the amount added to the cost of their remaining shares of the same class as that of the share cancelled, unless the share is trading stock of the shareholder. Link with subpart DA (3) This section overrides the general permission. Defined in this Act: deduction , general permission , interest , profit-related debenture , substituting debenture , Compare: 2004 No 35 s FC 4(f)(iv)