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GLOSSARY

Qualifying corporate bond definition

What does Qualifying corporate bond mean?

For the purposes of corporation tax, 'qualifying corporate bond' means any asset representing a loan relationship of a company (for purposes other than those of corporation tax references to a qualifying corporate bond is to be construed in accordance with the provisions of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), ss 117, 117(1).

Although TCGA 1992, s 115 provides that a gain which accrues on the disposal by any person of QCBs or any option or contract to acquire or dispose of QCBs shall not be a chargeable gain, this does not exempt any such gain arising to a company from a charge to corporation tax since the effect of the loan relationship legislation is that the CGT rules do not apply (TCGA 1992, s 8(3)).


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