Section 556 — Corporation Tax Act 2009: Meaning of securities and similar securities

Meaning of securities and similar securities 556 1 In this Chapter “securities” (except in the definition of “overseas securities” in section 559) means—

a shares, stock or other securities issued by—

i the government of the United Kingdom, ii any public or local authority in the United Kingdom, or iii any UK resident company or other UK resident body, or b overseas securities.

2 For the purposes of this Chapter securities are similar if they entitle their holders to—

a the same rights against the same persons as to capital, interest and dividends, and b the same remedies for the enforcement of those rights.

3 For the purposes of subsection (2) any difference in—

a the total nominal amounts of the respective securities, b the form in which they are held, or c the way in which they can be transferred, is ignored.