Textual Amendments
F1Sch. 28A heading substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 39(11)
Modifications etc. (not altering text)
C1Sch. 28A modified (22.7.2004) by Finance Act 2004 (c. 12), s. 43(7)
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 130 of the M1Companies Act 1985); 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.