Introduction Overview Overview Section 691: Meaning of “amount of capital”
2138.This interpretative section is based on paragraph 5 of Schedule 28A to ICTA.
2139.In paragraph 5(1) of Schedule 28A to ICTA, “the capital of a company” has to be read as “the amount of the capital of a company”. Otherwise, in paragraph 3(1) of that Schedule, “the amount of the company’s capital” has to be read as “the amount of the aggregate of (a) the amount of …”. Subsection (2) makes this clear.
2140.Paragraph 5(3) of Schedule 28A to ICTA provides for amounts of capital to be rounded up to the nearest pound.Subsection (4) omits this requirement because it has no practical effect.