{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-403",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-403.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/403",
  "kind": "section",
  "number": "403",
  "heading": "Meaning of “strip”",
  "text": "(1) In sections 401 and 402 “strip”, in relation to a gilt-edged security, means a security issued under the National Loans Act 1968 (c. 13) which meets conditions A, B and C.\n(2) Condition A is that the security is issued for the purpose of representing the right to or of securing—\n(a) a payment corresponding to a payment of interest or principal remaining to be made under the gilt-edged security, or\n(b) two or more payments each corresponding to a payment to be so made.\n(3) Condition B is that the security is issued in conjunction with the issue of one or more other securities which, together with that security—\n(a) represent the right to, or\n(b) secure,\npayments corresponding to every payment remaining to be made under the gilt-edged security.\n(4) Condition C is that the security is not itself a security that—\n(a) represents the right to, or\n(b) secures,\npayments corresponding to a part of every payment remaining to be made under the gilt-edged security.\n(5) After the balance has been struck for a dividend on a gilt-edged security, a payment to be made in respect of that dividend is treated for the purposes of conditions A, B and C as not being a payment remaining to be made under that security.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/403",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}