409 Postponement until redemption of debits for close companies' deeply discounted securities
Corporation Tax Act 2009 (2009 c 4) | Legislation

409  Postponement until redemption of debits for close companies' deeply discounted securities

(1)     This section applies for any accounting period (“the relevant period”) if—

(a)     a debtor relationship of a close company (“the issuing company”) is represented by a deeply discounted security it has issued,

(b)     at any time in the period there is a person [(“C”)] who stands in the position of a creditor as respects the security and is—

(i)     a participator in the issuing company,

(ii)     an associate of such a participator,

(iii)     a

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