{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-406",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-406.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/406",
  "kind": "section",
  "number": "406",
  "heading": "Introduction",
  "text": "(1) The following sections deal with deeply discounted securities—\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) sections 409 to 411 (deeply discounted securities of close companies), and\n(c) section 412 (persons indirectly standing in the position of creditor).\n(2) In this section and sections 409 to 412 “deeply discounted security” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act).\n(3) In sections 409 to 412 “the discount” means the difference between—\n(a) the issue price of the security, and\n(b) the amount payable on redemption.\n(4) The provisions of Chapter 8 of Part 4 of ITTOIA 2005 apply for the purposes of this section and sections 409 to 412 for determining the difference between the issue price of a security and the amount payable on redemption as they apply for the purposes of section 430 of that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 406(1)(a) omitted (with effect in accordance with s. 25(6)-(14) of the amending Act) by virtue of Finance Act 2015 (c. 11), s. 25(5)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 406(2) substituted (with effect in accordance with s. 25(6)-(14) of the amending Act) by Finance Act 2015 (c. 11), s. 25(5)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in s. 406(3) substituted (with effect in accordance with s. 25(6)-(14) of the amending Act) by Finance Act 2015 (c. 11), s. 25(5)(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 406(4) substituted (with effect in accordance with s. 25(6)-(14) of the amending Act) by Finance Act 2015 (c. 11), s. 25(5)(b)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 406-412 excluded by S.I. 2006/3296, reg. 19(3) (as substituted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Securitisation Companies (Amendment) Regulations 2018 (S.I. 2018/143), regs. 1(1), 10(3))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/406",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}