- deep gain securities
The rules relating to deep gain securities were repealed and rewritten by the Income Tax (Trading and Other Income) Act 2005 with effect from 6 April 2005 and are now contained in the rules relating to deeply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, deep gain securities were securities where the amount payable on redemption might qualify as a deep discount, but because of variable provisions in the terms of the security were not certain to do so at the date of issue. The whole gain realised on redemption of a deep gain security was taxed as income of the lender but no relief was generally available to the issuer.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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deep gain — The rules relating to deep gains were repealed and rewritten by the Income Tax (Trading and Other Income) Act 2005 with effect from 6 April 2005 and are now contained in the rules relating to deeply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 … Law dictionary
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deep-discount — adjective denoting financial securities carrying a low rate of interest and issued at a discount to their redemption value, so mainly providing capital gain rather than income. ↘N. Amer. heavily discounted … English new terms dictionary
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