Part 14

Income tax liability: miscellaneous rules
Chapter 4

Other miscellaneous rules

Interpretation of section 845
846
1
This section applies for the purposes of section 845.
2
Securities are of the same kind if they—
a
are treated as being of the same kind by the practice of a recognised stock exchange, or
b
would be so treated if dealt in on a recognised stock exchange.
3
“The relevant period” is the period—
a
beginning with the day mentioned in subsection (4), and
b
ending with the day (“the new issue day”) on which the new securities are issued.
4
The day referred to in subsection (3)(a) is the day after—
a
the last (or only) interest payment day before the new issue day, or
b
if there is no interest payment day before the new issue day, the day on which the old securities are issued.
5
In subsection (4) “interest payment day” means a day on which interest is payable under the old securities.
6
“Relief” means relief by way of deduction in calculating amounts of income charged to income tax or in calculating net income.