Income Tax (Trading and Other Income) Act 2005 section 154

Regulations for determining market value of securities or strips

Section 154 gives the Treasury the power to make regulations setting out how the market value of gilt-edged securities and gilt strips should be determined for the purposes of the rules on exchanging gilts for strips and consolidating strips back into gilts.

• The Treasury may make regulations prescribing how the market value of gilt-edged securities (including strips) is to be determined for the purposes of sections 151 and 152
• The regulations may make different provision for different cases and circumstances
• The regulations may include any incidental, supplemental, consequential or transitional provisions the Treasury considers appropriate
• This regulation-making power is separate from and does not affect the existing power under section 202(5) of the Finance Act 1996 relating to gilt stripping