Part 4

Savings and investment income
Chapter 8

Profits from deeply discounted securities

Special rules for corporate strips

Conversion into corporate strips: lower level conversions
452D
1
For the purposes of this Chapter, section 452C also has effect in relation to each of the separate assets mentioned in subsection (1) of that section as if that separate asset were itself an interest-bearing corporate security (if that is not in fact the case).
2
In subsection (1), the reference to section 452C includes a reference to that section as it has effect by virtue of this section.
3
In the application of section 452C by virtue of this section, references to payments the right to which a separate asset represents or secures shall be construed in accordance with subsection (6) of that section.
4
Where section 452C has effect by virtue of subsection (1)—
a
any reference in this Chapter to converting an interest-bearing corporate security into corporate strips of the security shall be construed accordingly, and
b
section 452E (meaning of “corporate strip”) has effect accordingly.
Ss. 452A-452G and preceding cross-heading inserted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(8)(10)
Ss. 452A-452G and preceding cross-heading inserted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(8)(10)
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)