deep gain
The rules relating to deep gains were repealed and rewritten by the Income Tax (Trading and Other Income) Act 2005 with effect from 6 April 2005 and are now contained in the rules relating to deeply discounted securities. Prior to 6 April 2005, a deep gain was a gain arising on the redemption of a security if the issue price was less than the amount payable and the amount by which it was less represented more than the relevant percentage of the amount payable (paragraph 3(1), Schedule 13, Finance Act 1996). A deep gain arose where the redemption amount exceeded the issue price by more than 0.5% for each year of the term of the bond or 15% for a bond with a life of 30 years or more.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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