Commentary

D9.520 Definition of 'strips of government security'

Corporate tax
Corporate tax | Commentary

D9.520 Definition of 'strips of government security'

Corporate tax | Commentary

Strips of government securities

D9.520 Definition of 'strips of government security'

A government security may be 'stripped', which involves the separation of the security from coupons for future interest payments; a market exists on which the strips can be traded. At a subsequent time it is possible for the remaining strips to be consolidated into the original security.

'A government security' means:

  1.  

    (i)     a security issued after 26 March 2003 by or on behalf of the government of any territory1; and

  2.  

    (ii)     a security issued before 27 March 2003 under the National Loans Act 1968.

Every strip of a government security

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