PART IVPROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER VIIIMISCELLANEOUS AND SUPPLEMENTAL

126Treasury securities issued at a discount

(1)

Where a security to which this section applies is issued at a discount, tax shall not be charged in respect of the discount under Case III of Schedule D; but the discount shall not for that reason be regarded as annual profits or gains chargeable to tax under Case VI of Schedule D.

(2)

This section applies to all securities issued by the Treasury after 6th March 1973 except Treasury bills.