Modifications etc. (not altering text)
C1Pt. 4 Ch. 8 applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 406(4), 1329(1) (with Sch. 2 Pts. 1, 2)
(1)A person who acquires a deeply discounted security on a disposal of a kind specified in subsection (2) is treated for the purposes of this Chapter as acquiring it by the payment of an amount equal to its market value at the time of the disposal.
(2)The disposals are—
(a)a transfer within section 440(2), and
(b)a conversion of a deeply discounted security into other deeply discounted securities which counts as its disposal under section 437(1).
[F1(3)Subsection (2) is subject to—
section 445(8) (exchanges for and consolidations of strips);
section 452F(5) (conversion into and consolidations of corporate strips).]
Textual Amendments
F1S. 441(3) substituted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(6)(10)