CG54210 - Qualifying corporate bonds: relevant discounted securities: meaning

FA96/SCH13/PARA3

A 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+.