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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Deeply discounted securities

  • Section 430 Meaning of “deeply discounted security”
  • Section 431 Excluded occasions of redemption
  • Section 432 Securities which are not deeply discounted securities
  • Section 433 Meaning of “excluded indexed security”
  • Section 434 Securities issued in separate tranches: preliminary
  • Section 435 Securities issued in separate tranches: basic rule
  • Section 436 Deeply discounted securities issued in separate tranches: nominal value rule
  1. Deeply discounted securities
  2. Securities which are not deeply discounted securities

Section 432 | Securities which are not deeply discounted securities

From legislation.gov.uk

(1)The following are not deeply discounted securities—

(a)shares in a company,

(b)gilt-edged securities that are not strips,

(c)life assurance policies, and

(d)capital redemption policies.

(2)An excluded indexed security (see section 433) is only a deeply discounted security if treated as such under section 431(5) (acquisition by a person connected with the issuer or holder becoming such a person).

(3)In this section “capital redemption policies” has the same meaning as in Chapter 9 of this Part (see section 473(2)).

(4)See also sections 434 to 436 (rules under which securities issued under the same prospectus on separate occasions may be treated as being, or as not being, deeply discounted securities).

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