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(1)Section 126 of the Taxes Act 1988 (tax not to be charged on certain securities in respect of discount under Case III of Schedule D) shall be amended as mentioned in subsections (2) and (3) below.
(2)In subsection (2) (the securities affected) for the words “except Treasury bills” there shall be substituted the words “except—
(a)Treasury bills,
(b)relevant deep discount securities, and
(c)deep gain securities.”
(3)The following subsection shall be inserted after subsection (2)—
“(3)For the purposes of subsection (2) above—
(a)a relevant deep discount security is a security falling within paragraph 1(1)(dd) of Schedule 4 to this Act, and
(b)a deep gain security is a security which is a deep gain security for the purposes of Schedule 11 to the Finance Act 1989.”
(4)The preceding provisions of this section shall apply—
(a)in the case of a deep discount security, where there is a disposal (within the meaning of Schedule 4 to the Taxes Act 1988) on or after 14th March 1989;
(b)in the case of a deep gain security, where there is a transfer within the meaning of Schedule 11 to this Act, or a redemption, on or after 14th March 1989.
(5)Subsection (7) below applies where—
(a)by virtue of paragraph 19(2) of Schedule 4 to the Taxes Act 1988, a security falls to be treated as a deep discount security as there mentioned, and
(b)after the time mentioned in paragraph 19(1)(d) of that Schedule there is a disposal (within the meaning of that Schedule) of the security.
(6)Subsection (7) below also applies where—
(a)by virtue of paragraph 20(2) of Schedule 11 to this Act, a security falls to be treated as a deep gain security as there mentioned, and
(b)after the time mentioned in paragraph 20(1)(d) of that Schedule there is a transfer (within the meaning of that Schedule) or a redemption of the security.
(7)In a case where this subsection applies, section 126 of the Taxes Act 1988 shall not apply in the case of the disposal, transfer or redemption (as the case may be).
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