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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: basic rule

Section 435 | Securities issued in separate tranches: basic rule

From legislation.gov.uk

(1)The rule in this section is that if securities in any of the issues made on separate occasions under the same prospectus are not deeply discounted securities, securities in any later issue under it are not deeply discounted securities, unless they are treated as such for one of the reasons specified in subsection (2).

(2)The reasons are—

(a)that the securities were issued to a person connected with the issuer and so fail to meet the condition specified in section 431(2)(b), and

(b)that such a person has acquired or become the holder of the securities and so section 431(5) applies to them.

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