Income Tax Act 2007 section 1024

Meaning of "gilt-edged securities"

Section 1024 defines what counts as "gilt-edged securities" for the purposes of the Income Tax Act 2007.

• Gilt-edged securities (gilts) are UK government bonds used to raise public finance
• Securities qualify if they are already recognised as gilt-edged under the Taxation of Chargeable Gains Act 1992, Schedule 9
• Securities also qualify if they are expected to be formally designated as gilt-edged by a future order, provided that expectation was stated in the prospectus at the time they were issued
• This definition is relevant wherever the term "gilt-edged securities" appears throughout the Income Tax Act 2007