# Finance Act 1990, Section 57: Deep gain securities.


(1) In Schedule 11 to the Finance Act 1989 (deep gain securities) paragraph 1 (meaning of deep gain security) shall be amended as follows.
(2) The following sub-paragraph shall be inserted after sub-paragraph (3)—
“(3A) In the case of a security issued on or after 9th June 1989, for the purposes of sub-paragraph (2) above “redemption” does not include any redemption which may be made before maturity only if—
(a) the person who issued the security fails to comply with the duties imposed on him by the terms of issue,
(b) the person who issued the security becomes unable to pay his debts, or
(c) the security was issued by a company and a person gains control of the company in pursuance of the acceptance of an offer made by that person to acquire shares in the company.”
(3) The amendment made by this section shall be deemed always to have had effect.

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Source: https://www.legislation.gov.uk/ukpga/1990/29/section/57 (the official version)
Page: https://openlegislation.uk/finance-act-1990/section-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.