Section 414 | Redemption of funding bonds

(1)The redemption of funding bonds is not treated as the payment of interest on a debt for the purposes of the Corporation Tax Acts if their issue was treated as the payment of interest on the debt under—

(a)section 413, or

(b)section 380 of ITTOIA 2005 (which makes provision corresponding to section 413 for income tax purposes).

(2)In this section “funding bonds” includes any bonds, stocks, shares, securities or certificates of indebtedness.