Corporation Tax Act 2009 section 1003

"Shares" etc.

Section 1003 defines what "shares" means for the purposes of this Part of the Act and clarifies when shares are treated as having been acquired.

• The term "shares" is broadly defined to include an interest in shares, stock, and an interest in stock
• Shares are treated as acquired when a person obtains a beneficial interest in them
• The date of acquisition is based on when beneficial interest is obtained, not when the shares are formally conveyed or transferred
• This acquisition test mirrors the income tax rule in section 477(4) of ITEPA, ensuring consistency between the corporation tax and income tax treatment