380Funding bondsU.K.
This section has no associated Explanatory Notes
(1)This section applies to the issue of funding bonds to a creditor in respect of a liability to pay interest on a debt incurred by a government, public institution, other public authority or body corporate.
(2)The issue is treated for income tax purposes as if it were the payment of so much of that interest as equals the market value of the bonds at their issue.
(3)In this section “funding bonds” includes any bonds, stocks, shares, securities or certificates of indebtedness.
Modifications etc. (not altering text)
C1S. 380 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 55, Sch. 2 para. 10