Part 4Savings and investment income

C1Chapter 8Profits from deeply discounted securities

Annotations:
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)

Trustees

457Trustees

1

This section applies if profits are taken to arise on a disposal of a deeply discounted security by trustees.

2

For the purposes of Chapter 5 of Part 5 (settlements: amounts treated as income of settlor), the profits are to be taken to be income arising under the settlement from the security.

F13

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F34

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F25

If the trustees are trustees of a scheme in relation to which section 504 of ITA 2007 applies, subsection (2) does not apply to profits which are shown in the scheme's accounts as income available for payment to unit holders or for investment.