# Finance Act 1989, Paragraph 11

Extent: E+W+S+N.I.

(1) Where on a transfer or redemption of a security by trustees an amount istreated as income chargeable to tax by virtue of paragraph 5 above, the rateat which it is chargeable shall be the rate applicable to trusts for the year of assessment in which the transfer ismade.
(2) Where the trustees are trustees of a scheme to which section 469 of theTaxes Act 1988 applies, sub-paragraph (1) above shall not apply if or to theextent that the amount is treated as income in the accounts of the scheme.

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Source: https://www.legislation.gov.uk/ukpga/1989/26/schedule/11/paragraph/11 (the official version)
Page: https://openlegislation.uk/finance-act-1989/schedule-11/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.