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Section 438 Timing of transfers and acquisitions

United Kingdom

(1)

This section applies if—

(a)

a transfer or acquisition of a deeply discounted security is made under an agreement, and

(b)

the transferee or the person making the acquisition becomes entitled to the security at the time the agreement is made.

(2)

The transfer or acquisition is treated as occurring at that time.

(3)

For this purpose a conditional agreement is taken to be made when the condition is met.

F1(4)

This section is subject to—

  • section 445(7) (exchanges for and consolidations of strips);

  • section 452F(4) (conversion into and consolidations of corporate strips).

Annotations

Textual amendments

F1

S. 438(4) substituted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(4)(10)

Notes on Chapter 8

Modifications

C1

Pt. 4 Ch. 8 applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 406(4), 1329(1) (with Sch. 2 Pts. 1, 2)