Part 4

Savings and investment income
Chapter 8

Profits from deeply discounted securities

Special rules for listed securities held since 26th March 2003

Application of sections 454 to 456
453
1
In the case of a disposal of a deeply discounted security that meets conditions A and B, the rules in sections 454 to 456 apply for—
a
providing for relief for losses on the disposal, and
b
calculating the amount of profits chargeable under this Chapter on the disposal or the losses for which such relief may be given.
2
Condition A is that the person making the disposal has held the security continuously since a time before 27th March 2003.
3
Condition B is that the security was listed on a recognised stock exchange at any time before 27th March 2003.
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)