SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 5Savings and investment income: general

Deeply discounted securities: restriction of profits and losses on strips

81

(1)

Sections 447 and 448 (restriction of profits and losses on strips by reference to original acquisition cost) do not apply to a strip acquired before 15th January 2004.

(2)

For the purposes of paragraph (1) any deemed acquisitions under paragraph 14(4) of Schedule 13 to FA 1996 or section 445(3) of this Act are ignored.