Part 4Savings and investment income
Chapter 8Profits from deeply discounted securities
Disposals
438Timing of transfers and acquisitions
1
This section applies if—
a
a transfer or acquisition of a deeply discounted security is made under an agreement, and
b
the transferee or the person making the acquisition becomes entitled to the security at the time the agreement is made.
2
The transfer or acquisition is treated as occurring at that time.
3
For this purpose a conditional agreement is taken to be made when the condition is met.
F14
This section is subject to—
section 445(7) (exchanges for and consolidations of strips);
section 452F(4) (conversion into and consolidations of corporate strips).