Finance Act 1996

General interpretation

15 (1) In this Schedule—

• “deep gain” shall be construed in accordance with paragraph 3(3) above;

• “excluded indexed security” has the meaning given by paragraph 13 above;

• “market value” (except in paragraph 14 above) has the same meaning as in the [1992 c. 12.] Taxation of Chargeable Gains Act 1992;

• “relevant discounted security” has the meaning given by paragraphs 3 and 14(1) above;

• “strip” means anything which, within the meaning of section 47 of the [1942 c. 21.] Finance Act 1942, is a strip of a gilt-edged security.

(2) Where a person, having acquired and transferred any security, subsequently re-acquires it, references in this Schedule to his acquisition of the security shall have effect, in relation to—

(a) the transfer by him of that security, or

(b) the redemption of the security in a case where he becomes entitled to any amount on its redemption,

as references to his most recent acquisition of the security before the transfer or redemption in question.