{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-438",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-438.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/438",
  "kind": "section",
  "number": "438",
  "heading": "Timing of transfers and acquisitions",
  "text": "(1) This section applies if—\n(a) a transfer or acquisition of a deeply discounted security is made under an agreement, and\n(b) the transferee or the person making the acquisition becomes entitled to the security at the time the agreement is made.\n(2) The transfer or acquisition is treated as occurring at that time.\n(3) For this purpose a conditional agreement is taken to be made when the condition is met.\n(4) This section is subject to—\nsection 445(7) (exchanges for and consolidations of strips);\nsection 452F(4) (conversion into and consolidations of corporate strips).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 438(4) substituted (retrospectively) by Finance (No. 2) Act 2005 (c. 22), s. 39, Sch. 7 para. 25(4)(10)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/438",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}