Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Securities
F156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F257 Deep gain securities.
1
In Schedule 11 to the M1Finance Act 1989 (deep gain securities) paragraph 1 (meaning of deep gain security) shall be amended as follows.
2
The following sub-paragraph shall be inserted after sub-paragraph (3)—
3A
In the case of a security issued on or after 9th June 1989, for the purposes of sub-paragraph (2) above “redemption” does not include any redemption which may be made before maturity only if—
a
the person who issued the security fails to comply with the duties imposed on him by the terms of issue,
b
the person who issued the security becomes unable to pay his debts, or
c
the security was issued by a company and a person gains control of the company in pursuance of the acceptance of an offer made by that person to acquire shares in the company.
3
The amendment made by this section shall be deemed always to have had effect.