Point in time view as at 07/04/2005.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 438.
(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.
[F1(4)This section is subject to—
section 445(7) (exchanges for and consolidations of strips);
section 452F(4) (conversion into and consolidations of corporate strips).]
Textual Amendments
F1S. 438(4) substituted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(4)(10)
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