Paragraph 20

United Kingdom

(1)

In a case where—

(a)

securities have been issued under a prospectus under which no securitieswere issued before 14th March 1989,

(b)

some of the securities issued under the prospectus are gilt-edgedsecurities which are would-be deep gain securities,

(c)

some of the securities issued under the prospectus are gilt-edgedsecurities which are not would-be deep gain securities, and

(d)

there is a time when the aggregate nominal value of the securities fallingwithin paragraph (b) above (at that time) exceeds the aggregate nominal valueof the securities falling within paragraph (c) above (at that time),

sub-paragraph (2) below shall apply in relation to any gilt-edgedsecurity which has been or is issued under the prospectus at any time (whetherbefore, at or after the time mentioned in paragraph (d) above).

(2)

As regards any event occurring in relation to the security after the timementioned in sub-paragraph (1)(d) above, paragraphs 5 to 19 above shall haveeffect as if—

(a)

the security were a deep gain security, and

(b)

it had been acquired as such (whatever the time it was acquired).

(3)

For the purposes of sub-paragraph (1) above a would-be deep gain securityis a security which would be a deep gain security apart from paragraph 1(6)above.

(4)

In sub-paragraph (1) above “gilt-edged security” has the same meaning as in paragraph1 above.

(5)

For the purposes of sub-paragraph (2) above events, in relation to asecurity, include anything constituting a transfer or acquisition for thepurposes of this Schedule.

Notes on Schedule 11

Textual amendments

F1: Sch. 11 repealed (29.4.1996) by 1996 c. 8, ss. 104, 205, Sch. 14 para. 57, Sch. 41 Pt. V(3) (with savings in Pt. IV Ch. II (ss. 80-105))