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HMRC internal manual

Insurance Policyholder Taxation Manual

Policies made before 17 March 1998: selection of shares and securities listed on a recognised stock exchange

Meaning of ‘securities’

The term ‘securities’ includes fixed interest and other securities, so long as they are listed on a recognised stock exchange. UK gilts and quoted Eurobonds, for instance, are both categories of securities the policyholder may be entitled to select without the policy being a PPB.