188体育

TCGA92/S251 (1)

TCGA92/S251 (1) refers to ... the debt on a security (as defined in Section 132). In fact TCGA92/S132 does not define the phrase 鈥榯he debt on a security鈥�. But it does define the word 鈥榮ecurity鈥�, as including any 鈥榣oan stock or similar security whether of the Government of the United Kingdom or of any other government, or of any public or local authority in the United Kingdom or elsewhere, or of any company, and whether secured or unsecured.鈥�

听

This definition is of limited use because there is no statutory guidance on the meaning of loan stock or similar security. However, the final words make it clear that the debt does not have to be secured to be the debt on a security. Therefore 鈥榙ebt on a security鈥� is not the same as `secured debt.鈥�