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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 issued in separate tranches: preliminary

Section 434 | Securities issued in separate tranches: preliminary

From legislation.gov.uk

(1)Sections 435 and 436 set out rules under which securities issued under the same prospectus on separate occasions may be treated as being, or as not being, deeply discounted securities.

(2)If any of the securities in the original issue under the prospectus is a deeply discounted security—

(a)the rule in section 435 applies to securities in later issues under it, and

(b)the rule in section 436 does not apply to any securities issued under it.

(3)If none of the securities in the original issue under the prospectus is a deeply discounted security, the rule in section 435 applies to securities in a later issue except where the rule in section 436 applies.

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