Introduction Overview Chapter 3: Matters which are not distributions Section 1032: Interest etc paid in respect of certain securities
3047.This section qualifies paragraph F in section 1000. It is based on section 212(1) and (3) of ICTA.
3048.The section excludes from the meaning of a distribution amounts paid to companies within the charge to corporation tax, but not if the distribution falls within the rules for non-commercial securities in paragraph E in section 1000.
3049.Schedule 2 contains savings for certain obligations entered into before 9 March 1982, or entered into before 1 July 1982 as a result of negotiations that were in progress before 9 March 1982.