{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-28A/paragraph-5",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-28A/paragraph-5.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/28A/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) The capital of a company consists of the aggregate of—\n(a) the amount of the paid up share capital of the company;\n(b) the amount outstanding of any debts incurred by the company which are of a description mentioned in any of paragraphs (a) to (c) of section 417(7); and\n(c) the amount outstanding of any redeemable loan capital issued by the company.\n(2) For the purposes of sub-paragraph (1) above—\n(a) the amount of the paid up share capital includes any amount in the share premium account of the company (construing “share premium account” in the same way as in section 610 of the Companies Act 2006); and\n(b) the amount outstanding of any debts includes any interest due on the debts.\n(3) Amounts of capital shall be expressed in sterling and rounded up to the nearest pound.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 28A para. 5(2)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1, 8"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/28A/paragraph/5",
    "retrieved_at": "2026-10-29T09:49:54.309394+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."
}