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Link to original content: http://www.legislation.gov.uk/ukpga/2005/5/section/438/data.akn

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

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)

http://www.legislation.gov.uk/ukpga/2005/5/section/438Income Tax (Trading and Other Income) Act 2005An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.texttext/xmlenStatute Law Database2024-06-20Expert Participation2024-04-06Part 4Savings and investment incomeChapter 8Profits from deeply discounted securitiesDisposals

438Timing of transfers and acquisitions1

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.

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).