65 Relevant discounted securities.U.K.
F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)Subject to subsections (9) to (12) below, [F3subsection (7) above has] effect in relation to—
(a)any transfer of a security on or after 15th February 1999; or
(b)any occasion on or after that date on which a person holding a security becomes entitled to any payment on its redemption.
(9)For the purposes of section 92 of that Act, [F4subsection (7)] above—
(a)[F4has effect] in relation to any accounting period of a company ending on or after 15th February 1999; but
(b)[F4does not affect] any amount falling to be brought into account in respect of any disposal (in whole or in part) of an asset representing a creditor relationship if the disposal was one completed before that day.
(10)For the purposes of paragraphs 17 and 18 of Schedule 9 to that Act, [F4subsection (7)] above—
(a)[F4has effect] in relation to any accounting period of a company ending on or after 15th February 1999; but
(b)[F4does not affect] any amount falling to be brought into account in respect of a security representing a debtor relationship of a company if, on that day, the company was no longer subject to any liability under the relationship.
(11)For the purposes of sections 117(2AA) and 251(8) of the M1Taxation of Chargeable Gains Act 1992, [F5subsection (7) above has] effect in relation to any disposal (in whole or in part) of an asset on or after 15th February 1999.
(12)For the purposes of subsection (1)(c) of section 254 of that Act (which, notwithstanding its repeal by the M2Finance Act 1998, continues to have effect in relation to loans made before 17th March 1998), [F5subsection (7) above has] effect in relation to any claim made on or after 15th February 1999.
Textual Amendments
F1S. 65(1)-(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(2), Sch. 3 (with Sch. 2)
F2S. 65(7) repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)
F3Words in s. 65(8) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(3) (with Sch. 2)
F4Words in s. 65(9)(10) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(4) (with Sch. 2)
F5Words in s. 65(11)(12) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(5) (with Sch. 2)
Marginal Citations