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Income Tax (Trading and Other Income) Act 2005
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- UK Public General Acts
- 2005 c. 5
- SCHEDULE 2
- Part 5
- Paragraph 80
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Deeply discounted securities: deemed transfers of strips on 5th April
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80(1)Despite the repeal by this Act of paragraph 14(4) of Schedule 13 to FA 1996, a person who was deemed under that paragraph to have transferred a strip on 5th April 2005 is treated for the purposes of Chapter 8 of Part 4 (profits from deeply discounted securities) as if the person had re-acquired the strip under that paragraph on 6th April 2005 for an amount equal to the amount for which it was deemed to have been transferred.
(2)That Chapter and this Part of this Schedule apply to a deemed transfer and reacquisition under that paragraph (including a reacquisition within sub-paragraph (1)) as if it were a transfer and reacquisition under section 445(2) and (3).
(3)Section 452 (power to modify that Chapter for strips) applies as if this paragraph were in that Chapter.
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