Taxation of Chargeable Gains Act 1992

[F1 151T Investment bond arrangements are qualifying corporate bonds U.K.

(1) For the purposes of section 117, investment bond arrangements are a corporate bond, issued on the date on which the arrangements are entered into, if each of conditions A to D is met.

(2) Condition A is that the capital is expressed in sterling.

(3) Condition B is that the arrangements do not include provision for the redemption payment to be in a currency other than sterling.

(4) Condition C is that entitlement to the redemption payment is not capable of conversion (directly or indirectly) into an entitlement to the issue of securities apart from other arrangements to which section 151N applies.

(5) Condition D is that the additional payments are not determined wholly or partly by reference to the value of the bond assets.

(6) Section 117(2) applies for the purposes of this section as it applies for the purposes of section 117(1).

[F2 (7) Expressions used in this section have the same meaning as in section 151N.]]

Textual Amendments

F1 S. 151T and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 40 (with Sch. 9 paras. 1-9, 22)

F2 S. 151T(7) inserted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Taxation (International and Other Provisions) Act 2010 (Amendment) Order 2010 (S.I. 2010/2901), arts. 1(1), 2