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HMRC internal manual

Savings and Investment Manual

HM Revenue & Customs
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Accrued Income Scheme: definitions: nominal value

‘Nominal value’

ITA07/S676 and S677 define ‘nominal value’. In most cases the interest onsecurities is expressed to be payable by reference to a given value, and that value is tobe treated as the nominal value. In any other case the nominal value is the price of thesecurities when they were issued. If the nominal value of the securities is expressed in acurrency other than sterling, their nominal value is the sterling equivalent, calculatedby reference to the London closing rate of exchange for that day.

Nominal value is important in relation to the ‘small holdings’ exemption (SAIM4210).