The QCB question
Article Abstract:
Provisions of the UK Finance Act 1989 necessitate that every loan note be analyzed to determine its tax status. The Finance Act 1989 has made most corporate loan stock and non-convertible loan notes into qualifying corporate bonds (QCB). QCBs previously were loan notes issued by quoted companies or quoted loan notes, but the requirement for being quoted has been eliminated. The Finance Act 1984 defines a QCB as a debt on a security, either a deep gain security or a normal commercial loan that is denominated in pounds sterling and is non-convertible to a foreign currency. Loan note holders can avoid the adverse tax consequences of holding QCBs by having the issuing company give them the right to convert the note into a foreign currency, or by offering the right to convert QCBs to other shares.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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Me & Mrs. Jones
Article Abstract:
The House of Lords' ruling in favor of a husband and wife business over a settlement issue for taxation purposes is discussed.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
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