On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 06/12/2007.
19. Section 34A (2) of the principal Act is amended by deleting the full-stop at the end of paragraph (g) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:
“(h)
a gain from discounts or premiums on debt securities, being a gain chargeable to tax under section 10(1)(d), shall be deemed —
(i)
to accrue only on the maturity or redemption of the debt securities; and
(ii)
to be equal to the difference between the amount received on the maturity or redemption of the debt securities and the amount for which the debt securities were first issued;
(i)
in a case where a qualifying person issues debt securities at a discount or redeems issued debt securities at a premium, and section 14(1)(a) applies in respect of the outgoing represented by such discount or premium, such outgoing shall be deemed to be incurred and deductible only when it is paid on the maturity or redemption of the debt securities and —
(i)
in the case of debt securities issued in the basis period relating to the year of assessment 2008 or subsequent years of assessment, to be equal to the difference between the amount paid on the maturity or redemption of the debt securities and the amount for which the debt securities were first issued; or
(ii)
in the case of debt securities issued before the basis period relating to the year of assessment 2008, to be equal to such part of the difference referred to in sub-paragraph (i) that would be attributable to the year of assessment 2008 and subsequent years of assessment;
(j)
in a case where —
(i)
a qualifying person issues debt securities at a discount or redeems issued debt securities at a premium;
(ii)
the debt securities were issued with an embedded derivative to acquire shares or units in the qualifying person; and
(iii)
the outgoing represented by such discount or premium is deductible under section 14(1),
such part of the outgoing that is attributable to the embedded derivative shall not be deductible.”.