134 Retained funding bonds: tender by Commissioners
Finance Act 2008 (2008 c 9) | Legislation

134  Retained funding bonds: tender by Commissioners

(1)     Section 939 of ITA 2007 (duty to retain bonds where issue treated as payment of interest) is amended as follows.

(2)     After subsection (4) insert—

“(4A)     If bonds are tendered in accordance with subsection (4), the Commissioners for Her Majesty's Revenue and Customs may tender the bonds in satisfaction of any amount that is payable by the Commissioners to the relevant creditor in connection with the relevant debt.

(4B)     For the purposes of subsection (4A)—

(a)     “relevant creditor” and “relevant debt” mean the creditor and the debt mentioned in subsection (1)(a), and

(b)     a bond is to be taken to have the same value

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