Commentary

D9.429 Strips of gilt-edged securities

Corporate tax
Corporate tax | Commentary

D9.429 Strips of gilt-edged securities

Corporate tax | Commentary

D9.429 Strips of gilt-edged securities

For the meaning of a gilt-edged security, see C2.825.

A 'strip', in relation to a gilt-edged security (a gilt), means a security1:

  1.  

    (a)     issued for the purpose of representing the right to one or more payments of interest or principal remaining to be made under the underlying security;

  2.  

    (b)     issued in conjunction with other securities that together represent the right to every remaining payment under the underlying security; and

  3.  

    (c)     that is not itself a security representing a right to part of every remaining payment.

The Treasury may make regulations enabling specific government stocks to be exchanged

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