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2(1)Paragraph 1 shall be amended as follows.
(2)The following paragraph shall be inserted after sub-paragraph (1)(d)—
“(dd)“a deep discount security” also means any redeemable security which has been issued by a public body (at whatever time) at a deep discount, other than—
(i)a security such as is mentioned in paragraph (d)(ii) above;
(ii)a security falling within sub-paragraph (5), (6) or (7) below;”.
(3)In sub-paragraph (1)(g) after the words “the company” there shall be inserted the words “or the public body”.
(4)The following shall be inserted at the end of sub-paragraph (2)—
“This sub-paragraph applies only in the case of securities issued by a company.”
(5)The following sub-paragraphs shall be inserted after sub-paragraph (3)—
“(4)For the purposes of this Schedule a public body is any of the following which is not a company—
(a)a government, whether of the United Kingdom or elsewhere;
(b)a public or local authority, whether in the United Kingdom or elsewhere.
(5)A security falls within this sub-paragraph if it is a gilt-edged security and—
(a)it was issued before 14th March 1989, or
(b)it was issued on or after that date but was issued under the same prospectus as any gilt-edged security issued before that date.
(6)A security falls within this sub-paragraph if it is a gilt-edged security and—
(a)it was issued under a prospectus under which no securities were issued before 14th March 1989,
(b)it was issued otherwise than on the occasion of the original issue under the prospectus, and
(c)all the securities issued on the occasion of the original issue under the prospectus are gilt-edged securities which are not deep discount securities.
(7)A security falls within this sub-paragraph if it is not a gilt-edged security and was issued (at whatever time) under the same prospectus as any other security which was issued before the security in question and which is not a deep discount security.
(8)For the purposes of this Schedule “gilt-edged security” has the same meaning as it has for the purposes of the 1979 Act.”
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