Commentary on Sections Overview Overview Section 152: Consolidation of gilt strips
623.This section sets out the trading income rules for the consolidation of gilt strips. It is based on section 730C of ICTA.
624.This section ensures that a profit or loss on the consolidation of gilt strips is recognised for tax purposes even if it is not shown in the accounts of the trade. This is the opposite of the rule in section 150 that a conversion of a security is, in effect, ignored. Section 150(2) provides that the special rules for gilt strips overrides the general rule for securities.