Paragraph 28

United Kingdom

For the purposes of F1Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (profits from deeply discounted securities) where—

(a)

a person held a qualifying indexed security both on and immediately after 5th April 1996, and

(b)

that security is a deeply discounted security,

the amount which that person shall be taken to have paid in respect of his acquisition of that security on or before 5th April 1996 shall be an amount equal to its market value on that date.

Annotations

Textual amendments

F1: Words in Sch. 15 para. 28 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 491(3) (with Sch. 2)