Part 4

Savings and investment income
Chapter 8

Profits from deeply discounted securities

Trustees

Non-UK resident trustees
458
1
Tax is not charged under this Chapter if the disposal is made by the trustees of a settlement and they are non-UK resident.
2
The following provisions do not apply if the disposal falls within subsection (1)—
- section 446 (strips of government securities: relief for losses), and
- section 454 (listed securities held since 26th March 2003: relief for losses).
3
In this section “settlement” has the same meaning as in Chapter 5 of Part 5 (see section 620).
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)