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Amendments made: No. 23, in page 150, line 42, at end insert—
`3A. — (1) Section 15 of the Oil Taxation Act 1975 (oil extraction activities etc.; charges on income) shall apply in relation to income elements in respect of deep discount securities and paragraph 3 above as it applies in relation to interest and section 248 of the Taxes Act (allowance of charges on income).
(2) In the application of section 15 to any deep discount security, subsection (2)(b) shall have effect as if the references to the rate at which interest was payable were references to the aggregate of the rate of interest payable and the amount of any income element in respect of the security for the period in question.' .
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No. 24, in page 151, line 48, at end insert—
'(4A) In determining whether a person who carries on a business of banking is a participator in a company for the purposes of this paragraph, there shall be disregarded any securities of the company acquired by him in the ordinary course of his business.'.
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No. 25, in page 153, line 6, after 'shall', insert
'(subject to sub-paragraph (2A) below and'.
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No. 26, in page 153, line 24, at end insert —
`(2A) Where a person would (but for this sub-paragraph) be treated by sub-paragraph (2)(a) above as having, for the purposes of paragraph 1 of this Schedule, disposed of deep discount securities which are converted into, or exchanged for, other deep discount securities—