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Income Tax (Trading and Other Income) Act 2005

Section 552: Meaning of “deposit rights”

2166.This section is based on sections 56 and 56A of ICTA, as modified by the 2003 regulations.

2167.Subsection (2) defines various terms. The definitions of terms in relation to “uncertificated eligible debt security units” are based initially on the modification provided by the 2003 regulations, although the definitions themselves are based individually on earlier regulations. The definition of a “certificate of deposit” is based on sections 56(5) and 56A(4) of ICTA. The definition of a “security” is based on section 56(5) of ICTA, which uses the definition in section 132 of TCGA. The definition of an “uncertificated right” is based on section 56A(1) of ICTA. Paragraph 93 of Schedule 2 to this Act preserves the commencement rule for this category, in so far as any pre-16 July 1992 arrangements are extant.

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