381DiscountsU.K.
This section has no associated Explanatory Notes
(1)All discounts, other than discounts in deeply discounted securities, are treated as interest for the purposes of this Act.
(2)In this section “deeply discounted securities” means securities to which Chapter 8 of this Part applies (profits from deeply discounted securities).
Modifications etc. (not altering text)
C1S. 381 applied (1.4.2010) by Income Tax Act 2007 (c. 3), s. 564R(2) (as inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 19(2) (with Sch. 9 paras. 1-9, 22))