431 Excluded occasions of redemption
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

431  Excluded occasions of redemption

(1)     An occasion of redemption of a security other than maturity is ignored for the purposes of section 430(1) if the third-party option conditions or the commercial protection conditions are met.

(2)     The third-party option conditions are that—

(a)     the security may be redeemed on the occasion at the option of a person other than its holder,

(b)     the security is issued to a person who is not connected with the issuer, and

(c)     the obtaining of a tax advantage by any person is not the main benefit, or one of the main benefits, that might have been expected to accrue from the provision

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