As of 6 April 1997 this text has repealed

(1) In this section -

"chargeable period" has the meaning assigned to it in paragraph 1(2) of the First Schedule to the Corporation Tax Act, 1976;

"market value" has the meaning assigned to it in section 49 of the Capital Gains Tax Act, 1975;

"nominal value", in relation to a unit of a security, means -

(a) where the interest on the unit of the security is expressed to be payable by reference to a given value, that value, and

(b) in any other case, the amount which was paid for the unit of the security on its issue;

"opening value", in relation to a unit of a security from which at any time strips of the unit have been created by a person means -

(a) in the case of a person who is carrying on a trade, which consists wholly or partly of dealing in securities of which the unit of the security is an asset in respect of which any profits or gains are chargeable to tax under Case I of Schedule D, an amount equal to the market value of the unit of the security at the time the strips were created, and

(b) in the case of any other person, an amount equal to -

(i) the market value of the unit of the security at the time the strips were created, or