445 Strips of government securities: acquisitions and disposals
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

445  Strips of government securities: acquisitions and disposals

(1)     A person who receives strips of a security (“the underlying security”) in exchange for the underlying security is treated as having acquired each strip by the payment of an amount equal to—

A × (B / C)

ɳ—

A is the market value of the underlying security at the time of the exchange,

B is the market value of the strip at that time, and

C

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