SCHEDULES
SCHEDULE 13 Discounted securities: income tax provisions
General interpretation
15
1
In this Schedule—
“deep gain” shall be construed in accordance with paragraph 3(3) above;
“excluded indexed security” has the meaning given by paragraph 13 above;
“market value” (except in paragraph 14 above) has the same meaning as in the M1Taxation of Chargeable Gains Act 1992;
“relevant discounted security” has the meaning given by paragraphs 3 and 14(1) above;
“strip” means anything which, within the meaning of section 47 of the M2Finance Act 1942, is a strip of a gilt-edged security.
2
Where a person, having acquired and transferred any security, subsequently re-acquires it, references in this Schedule to his acquisition of the security shall have effect, in relation to—
a
the transfer by him of that security, or
b
the redemption of the security in a case where he becomes entitled to any amount on its redemption,
as references to his most recent acquisition of the security before the transfer or redemption in question.