Commentary on Sections Structure of Chapters Overview Section 444: Meaning of “strip” in Chapter 8
1790.This section defines “strip” for the purposes of this Chapter. It is based on section 47 of FA 1942.
1791.FA 2003 widens the definition of “strip” for Schedule 13 to FA 1996 by including securities issued by any government. This applies to strips acquired after 26 March 2003. In accordance with our intention of including within Chapter 8 the rules relating to strips acquired before 27 March 2003 the previous, narrower, definition has been retained in subsection (1)(c). Whether the strips fall under subsection (1)(b) or (c) the conditions set out in subsections (2) to (5) must be met.
1792.Subsections (2) to (5) rewrite the relevant conditions in section 47 of FA 1942. The definition in Schedule 13 to FA 1996 cross-refers to that section.