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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
, see all updates

Deep discount securities: conversion of securities and share exchanges

These transactions are not treated as disposals for Income Tax purposes if

  • the new securities are also deep discount securities AND
  • they have the same or an earlier redemption date AND
  • no consideration is given for the conversion or exchange, ICTA88/SCH4/PARA7 (4).