This paper examines the accuracy of equations specified by the North American and Australasian steel structures codes for determining the net section tension capacity of a channel brace. It points out that there are three distinct factors affecting the net section efficiency of a cold-formed steel channel brace bolted at the web. These factors are the in-plane shear lag associated with stress concentration around a bolt hole that is also present in flat sheets, the out-of-plane shear lag that is also present in an I-section bolted at the flanges only, and the bending moment arising from the connection eccentricity with respect to the neutral axis. Each of the relevant factors is explicitly incorporated in the equation proposed in this paper for determining the net section tension capacity of a cold-formed steel channel brace bolted at the web. The proposed equation is demonstrated through laboratory tests on low ductility channel braces having practical aspect ratios that were bolted onto flexible plates to be more reliable than the code equations and those existing in the literature.