Section 1114 — Corporation Tax Act 2010: “In respect of securities”

“In respect of securities” 1114 1 In this Part “ in respect of securities of the company ”, in relation to a company which is a member of a 90% group, means in respect of securities of—

a that company, or b any other company in the group.

2 Nothing in subsection (1) requires a company to be treated as making a distribution to any company which is in the same group and is UK resident.

3 For the purposes of this Part, except where the context otherwise requires—

a interest paid by a company on money advanced without the issue of a security for the advance, or b other consideration given by a company for the use of money so advanced, is treated as if paid, or given, in respect of a security issued for the advance by the company.

4 For the purposes of this Part a thing is regarded as done in respect of a security if it is done to a person—

a as the holder of the security, or b as the person who held the security at a particular time.

5 For the purposes of this Part a thing is also regarded as done in respect of a security if it is done in pursuance of a right granted, or an offer made, in respect of a security.

6 In this section “ 90% group ” means a company and all its 90% subsidiaries.