Part 4Savings and investment income
Chapter 8Profits from deeply discounted securities
Charge to tax under Chapter 8
428Income charged
(1)
Tax is charged under this Chapter on the full amount of profits arising in the tax year.
(2)
The profits on a disposal are to be taken to arise when the disposal occurs.
(3)
If the profits arise on a disposal of securities that are outside the United Kingdom—
(a)
they are treated for the purposes of section 830 (meaning of “relevant foreign income”) as arising from a source outside the United Kingdom, and
(b)
subsection (1) is subject to Part 8 (foreign income: special rules).
(4)
Subsection (2) needs to be read with section 438 (timing of transfers and acquisitions).