Part 23Company distributions
Chapter 3Matters which are not distributions
Supplementary provisions
1063Section 1062: supplementary
1
References in section 1062 to the loan capital of a company are to any debt incurred by the company—
a
for any money borrowed or capital assets acquired by the company,
b
for any right to receive income created in favour of the company, or
c
for consideration the value of which to the company was (at the time when the debt was incurred) substantially less than the amount of the debt.
2
For the purposes of subsection (1)(c) the amount of the debt includes any premium on the debt.
3
For the purposes of section 1062 a person is treated as entitled to acquire anything which the person—
a
is entitled to acquire at a future date, or
b
will at a future date be entitled to acquire.
4
For the purposes of this section and section 1062 a person is assumed to have the rights and powers of the person's associates (as well as the person's own rights and powers).