http://www.legislation.gov.uk/ukpga/2005/5/section/454Income Tax (Trading and Other Income) Act 2005An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.texttext/xmlenStatute Law Database2026-07-30Expert Participation2026-07-15 Part 4Savings and investment incomeChapter 8Profits from deeply discounted securities<Emphasis>Special rules for listed securities held since 26th March 2003</Emphasis>Listed securities held since 26th March 2003: relief for losses4541A person may claim relief from income tax under this section for a loss the person has made on disposing of deeply discounted securities.2For this purpose a person makes such a loss only if A exceeds B, where—A is the amount the person paid for the securities, excluding any incidental expenses incurred in connection with the acquisition, andB is the amount payable on the disposal, excluding any incidental expenses incurred in connection with the disposal.3For the calculation of the amount of the loss, see section 455(2) to (4) (under which those expenses are taken into account).4If a claim under this section is made by a person other than a trustee, the relief is given by deducting the loss in calculating the person's net income for the tax year in which the disposal occurs (see Step 2 of the calculation in section 23 of ITA 2007).5If such a claim is made by a trustee, the amount of profits arising in the tax year in which the disposal occurs that is charged under this Chapter is reduced by the amount of the loss.6A claim under this section must be made on or before the first anniversary of the normal self-assessment filing date for the tax year in which the disposal occurs.7This section is subject to section 458(2) (securities held by non-UK resident trustees).S. 454(4) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 525 (with transitional provisions and savings in Sch. 2)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)