9(1)Any number of securities of the same class which—
(a)were held by the same person in the same capacity immediately before the 1985 date, and
(b)were acquired on or after 6th April 1982 or, in the case of a company, 1st April 1982,
shall for the purposes of the principal Act be regarded as indistinguishable parts of a single asset growing or diminishing on the occasions on which additional securities of the same class are acquired or some of the securities of that class are disposed of.
(2)Any number of securities of the same class which—
(a)are acquired by the same person in the same capacity on or after the 1985 date, and
(b)do not form part of a single asset by virtue of sub-paragraph (1) above.
shall for the purposes of the principal Act be regarded as indistinguishable parts of a single asset growing or diminishing on the occasions on which additional securities of the same class are acquired or some of the securities of that class are disposed of.
(3)A holding of securities which, by virtue of sub-paragraph (1) or sub-paragraph (2) above, is to be regarded as a single asset is in this Part of this Schedule referred to as a “new holding”.
Modifications etc. (not altering text)
C1Definition applied for purposes of 1988 s. 440A(6) and 1990 Sch. 6 para. 12(10)—appointment of income of life assurance companies.