Part 4Savings and investment income
C1Chapter 8Profits from deeply discounted securities
Annotations:
Modifications etc. (not altering text)
Disposals
438Timing of transfers and acquisitions
1
This section applies if—
a
a transfer or acquisition of a deeply discounted security is made under an agreement, and
b
the transferee or the person making the acquisition becomes entitled to the security at the time the agreement is made.
2
The transfer or acquisition is treated as occurring at that time.
3
For this purpose a conditional agreement is taken to be made when the condition is met.
F14
This section is subject to—
section 445(7) (exchanges for and consolidations of strips);
section 452F(4) (conversion into and consolidations of corporate strips).
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)