Part 4Savings and investment income
C1Chapter 8Profits from deeply discounted securities
F1Special rules for corporate strips
Ss. 452A-452G and preceding cross-heading inserted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(8)(10)
452EF2Meaning of “corporate strip” in Chapter 8
1
In this Chapter “corporate strip” means any asset—
a
which is, or has at any time been, one of the separate assets mentioned in section 452C(1), and
b
which is not prevented from being a corporate strip by subsection (2) or (3).
2
An asset is not a corporate strip if it—
a
represents the right to, or
b
secures,
payments of, or corresponding to, a part of every payment remaining to be made under an interest-bearing corporate security or a corporate strip.
3
An asset is a corporate strip in the case of any person only if he acquired it—
a
on or after 2nd December 2004, and
b
otherwise than in pursuance of an agreement entered into before that date.
Pt. 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)