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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Special rules for listed securities held since 26th March 2003

  • Section 453 Application of sections 454 to 456
  • Section 454 Listed securities held since 26th March 2003: relief for losses
  • Section 455 Listed securities held since 26th March 2003: calculating the profit or loss on disposals
  • Section 456 Securities issued to connected persons etc. at excessive price: subsequent transfers to connected persons
  1. Special rules for listed securities held since 26th March 2003
  2. Application of sections 454 to 456

Section 453 | Application of sections 454 to 456

From legislation.gov.uk

(1)In the case of a disposal of a deeply discounted security that meets conditions A and B, the rules in sections 454 to 456 apply for—

(a)providing for relief for losses on the disposal, and

(b)calculating the amount of profits chargeable under this Chapter on the disposal or the losses for which such relief may be given.

(2)Condition A is that the person making the disposal has held the security continuously since a time before 27th March 2003.

(3)Condition B is that the security was listed on a recognised stock exchange at any time before 27th March 2003.

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