Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 4 U.K. Savings and investment income

Chapter 8 U.K. Profits from deeply discounted securities

Modifications etc. (not altering text)

C1 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)

Special rules for listed securities held since 26th March 2003 U.K.

453 Application of sections 454 to 456 U.K.

(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.