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Corporation Tax Act 2010

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Changes over time for: Section 1017

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Point in time view as at 31/01/2013.

Changes to legislation:

Corporation Tax Act 2010, Section 1017 is up to date with all changes known to be in force on or before 04 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. Help about Changes to Legislation

1017Section 1015: other interpretationU.K.
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(1)For the purposes of section 1015(4) the consideration given by the company for the use of the principal secured is not treated as depending on the results of the company's business (or any part of it) merely because the terms of the security provide—

(a)for the consideration to be reduced if the results improve, or

(b)for the consideration to be increased if the results deteriorate.

(2)For the purposes of section 1015(5) securities are connected with shares in the company if—

(a)it is necessary or advantageous for a person who has, or disposes of or acquires, any of the securities also to have, or to dispose of or acquire, a proportionate holding of the shares, and

(b)that is a consequence of the nature of the rights attaching to the securities or shares and, in particular, any terms or conditions attaching to the right to transfer the securities or shares.

(3)For the purposes of section 1015(6) a company is a funded company if there are arrangements involving the company being put in funds (directly or indirectly) by—

(a)the issuing company, or

(b)a company associated with the issuing company.

(4)For the purposes of subsection (3) above and section 1015(6), a company is associated with the issuing company if—

(a)the issuing company is a 75% subsidiary of the other company,

(b)the other company is a 75% subsidiary of the issuing company, or

(c)both are 75% subsidiaries of a third company.

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