Corporation Tax Act 2009 section 530

Shares with guaranteed returns: redeemable shares where public issue before 22 March 2006

Section 530 sets out the redemption return condition for excepted shares, and paragraph 76 of Schedule 2 modifies the time period used in that condition for shares publicly issued before 22 March 2006.

• Section 530 defines conditions under which redeemable shares are treated as excepted shares for the purposes of the shares with guaranteed returns rules.
• Part of this test involves a time period during which certain listing or trading conditions must be met in connection with the public issue of the shares.
• For shares where the public issue took place before 22 March 2006, the relevant time period is reduced from 7 days to 24 hours.
• This transitional rule preserves the shorter time threshold that applied under earlier legislation for older share issues.