Section 1063 — Corporation Tax Act 2010: Section 1062: supplementary

Section 1062: supplementary 1063 1 References in section 1062 to the loan capital of a company are to any debt incurred by the company—

a for any money borrowed or capital assets acquired by the company, b for any right to receive income created in favour of the company, or c for consideration the value of which to the company was (at the time when the debt was incurred) substantially less than the amount of the debt.

2 For the purposes of subsection (1)(c) the amount of the debt includes any premium on the debt.

3 For the purposes of section 1062 a person is treated as entitled to acquire anything which the person—

a is entitled to acquire at a future date, or b will at a future date be entitled to acquire.

4 For the purposes of this section and section 1062 a person is assumed to have the rights and powers of the person's associates (as well as the person's own rights and powers).