Part 4Savings and investment income

Chapter 8Profits from deeply discounted securities

Special rules for listed securities held since 26th March 2003

453Application of sections 454 to 456

1

In the case of a disposal of a deeply discounted security that meets conditions A and B, the rules in sections 454 to 456 apply for—

a

providing for relief for losses on the disposal, and

b

calculating the amount of profits chargeable under this Chapter on the disposal or the losses for which such relief may be given.

2

Condition A is that the person making the disposal has held the security continuously since a time before 27th March 2003.

3

Condition B is that the security was listed on a recognised stock exchange at any time before 27th March 2003.