SCHEDULES
SCHEDULE 7 Transfer schemes: tax
Securities
I117
1
This paragraph applies if—
a
securities are issued to a company in pursuance of a direction of the Secretary of State under section 49 or 58 above, and
b
by virtue of any such security the company has a loan relationship for the purposes of the Corporation Tax Acts.
2
For the purposes of F1Part 5 of the Corporation Tax Act 2009 (loan relationships) the company is to be taken to have acquired its rights under the security wholly in consideration of a loan made by it to the issuing company of an amount equal to the principal sum payable under the security.