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HMRC internal manual

Capital Gains Manual

Qualifying corporate bonds: relevant discounted securities: meaning

FA96/SCH13/PARA3A relevant discounted security is a security, whenever issued, where

  • taking the security as at the time of issue, and
  • assuming redemption in accordance with its terms,the amount payable on redemption is, or might be, an amount which would involve a `deep gain’.

For advice on what is or might constitute a deep gain, see IM1538+.