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The European Single Currency (Taxes) Regulations 1998
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- UK Statutory Instruments
- 1998 No. 3177
- PART VII
- Regulation 35
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Treatment of capital sum receivable on euroconversion of securities
35.—(1) This regulation applies in a case where—
(a)otherwise than as a result of a transfer of securities that is not an exchange or conversion of securities to which regulation 32 applies, a person becomes entitled in an interest period to a capital sum in connection with a euroconversion of securities, and
(b)any part of that sum is, on a just and reasonable view—
(i)attributable to a reduction in the interest payable on those securities, or
(ii)by way of compensation for a deferral of the interest payable on those securities.
(2) The person entitled to a capital sum in an interest period as mentioned in paragraph (1)(a) shall be regarded as entitled in that interest period to a sum on the securities, for the purposes of section 713(2)(a) or (3)(a), in an amount equal to the part of the sum referred to in paragraph (1)(b).
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