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HMRC internal manual

Savings and Investment Manual

Accrued Income Scheme: definitions: nominal value

‘Nominal value’

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

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