Section 1008 — Corporation Tax Act 2010: Consideration for issue of security exceeding amount of principal

Consideration for issue of security exceeding amount of principal 1008 1 This section applies if—

a a company issues a security, and b the amount of new consideration received by the company for the issue of the security exceeds the amount of the principal secured by the security.

2 The amount of the principal is treated for the purposes of paragraph E in section 1000(1) as increased to the amount of that new consideration.

3 Section 1007 does not have effect in relation to the security.

4 This section is subject to sections 1009 and 1012.