# Corporation Tax Act 2010, Section 1004: Securities issued otherwise than for new consideration


(1) Subsection (2) applies if—
(a) a company issues a security, and
(b) the issue is partly (but not wholly) for new consideration.
(2) The part (if any) of the security that is properly referable to the new consideration does not fall within paragraph D in section 1000(1).
(3) In determining, for the purposes of paragraph D in section 1000(1), the amount of the distribution constituted by the issue of any security, the value of the security is taken to be the amount of the principal secured, including any premium payable—
(a) at maturity,
(b) in a winding up, or
(c) in any other circumstances.

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/1004 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-1004
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.