½Û×ÓÊÓƵ

A money debt is defined as a debt which¹:

1. Ìý

   •ÌýÌýÌýÌý falls to be settled by:

2. 1. Ìý

      –ÌýÌýÌýÌý the payment of money. Money in its usual meaning includes currencies other than sterling (see Explanatory Note 1051 to the Corporation Tax Act 2009)

   2. Ìý

      –ÌýÌýÌýÌý the transfer of a right which is itself a money debt, eg a company security². Where a company held a security immediately before 22 March 2006 which became a creditor loan relationship on that date and immediately before that date the asset was a chargeable asset, the company was deemed to have disposed of the asset immediately before 22 March 2006 at its fair value (as determined for the purposes of CTA 2009, s 313(6)) and the resulting chargeable gain or allowable loss is held over until the company ceases to be a party to the loan relationship³

   3. Ìý

      –ÌýÌýÌýÌý the issue or transfer of shares in a company. This particular provision was inserted to ensure that amounts payable in respect of mandatory convertible