Version Superseded: 01/04/2010
Point in time view as at 01/10/2009.
Income and Corporation Taxes Act 1988, Cross Heading: Capital and amounts of capital is up to date with all changes known to be in force on or before 13 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
5(1)The capital of a company consists of the aggregate of—
(a)the amount of the paid up share capital of the company;
(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
(c)the amount outstanding of any redeemable loan capital issued by the company.
(2)For the purposes of sub-paragraph (1) above—
(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 [F1610] of the Companies Act [F12006]); and
(b)the amount outstanding of any debts includes any interest due on the debts.
(3)Amounts of capital shall be expressed in sterling and rounded up to the nearest pound.
Textual Amendments
F1Words 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
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