Income Tax Act 2007 section 1022

Meaning of "debenture"

Section 1022 defines the term "debenture" for the purposes of the Income Tax Act 2007, by reference to the Companies Act 2006.

• A "debenture" takes its meaning from section 738 of the Companies Act 2006, which broadly covers any document evidencing a company's debt obligations.
• When dealing with social investment tax relief provisions (sections 257KB, 257L, 257LA) and interest relief on loans to buy interests in close companies (section 392), additional subsections in those same sections modify or extend how "debenture" is to be understood.
• The definition in this section does not apply to sections 559 and 560 (approved charitable investments in securities) or section 691 (meaning of relevant company in anti-avoidance rules on transactions in securities), which have their own treatment of the term.
• The section was amended by the Companies Act 2006 (Consequential Amendments) Order 2008 to update the cross-reference, and by Finance Act 2014 to add guidance for the social investment tax relief provisions.