[452C Conversion of interest-bearing corporate securities into corporate strips]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[452C  Conversion of interest-bearing corporate securities into corporate strips]

[(1)     For the purposes of this Chapter a person converts an interest-bearing corporate security into corporate strips of the security if he has an interest-bearing corporate security (“the converted corporate security”) but—

(a)     as a result of any scheme or arrangements, he acquires two or more separate assets in place of the converted corporate security,

(b)     each of those separate assets satisfies condition A,

(c)     those separate assets, taken together, satisfy condition

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