Section 452E | Meaning of “corporate strip” in Chapter 8 ^F1

(1)In this Chapter “corporate strip” means any asset—^F1

(a)which is, or has at any time been, one of the separate assets mentioned in section 452C(1), and^F1

(b)which is not prevented from being a corporate strip by subsection (2) or (3).^F1

(2)An asset is not a corporate strip if it—^F1

(a)represents the right to, or^F1

(b)secures,^F1

payments of, or corresponding to, a part of every payment remaining to be made under an interest-bearing corporate security or a corporate strip.

(3)An asset is a corporate strip in the case of any person only if he acquired it—^F1

(a)on or after 2nd December 2004, and^F1

(b)otherwise than in pursuance of an agreement entered into before that date.^F1