Other debts deemed to be securities: excluded indexed securities
FA96 also amended the taxation treatment of discounted debts held by individuals and other non-corporates. In general, profits or losses on these debts are charged or allowed as income. For further detail see CG54200+.
Discounted debts which are linked to the value of chargeable assets - referred to as excluded indexed securities - are again kept within the capital gains regime because their value will reflect the value of the shares or other chargeable assets to which they are linked. TCGA92/S251 (7) and TCGA92/S251 (8) apply here also, see CG53445.