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(1)This section and section 451 (market value of strips etc. quoted in foreign stock exchange lists) deal with—
(a)determining the market value at any time of a strip for the purposes of this Chapter, and
(b)determining the market value at any time of a security exchanged for strips of that security for the purposes of section 445(1).
(2)The market value on any day on which the Stock Exchange is open of any strip or security quoted in The Stock Exchange Daily Official List is—
(a)the lower of the two figures shown in that List for the strip or security for that day, plus
(b)one-quarter of the difference between those two figures.
(3)The market value on any day on which the Stock Exchange is closed of any such strip or security is the lower of—
(a)its market value on the latest previous day on which the Stock Exchange is open, and
(b)its market value on the earliest subsequent day on which the Stock Exchange is open.
(4)The Treasury may by regulations make provision as to the manner of determining, for any of the purposes mentioned in subsection (1), the market value at any time of—
(a)any strip, or
(b)any security exchanged for strips of that security.
(5)The regulations may amend or modify—
(a)subsection (2) or (3), or
(b)any provision of section 451.
(6)The regulations may—
(a)make different provision for different cases, and
(b)contain such incidental, supplemental, consequential and transitional provision and savings as the Treasury consider appropriate.
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