129 Conversion etc of securities held as circulating capital
Corporation Tax Act 2009 (2009 c 4) | Legislation

129  Conversion etc of securities held as circulating capital

(1)     This section applies for the purpose of calculating the profits of a company's trade if—

(a)     the company carries on a banking business, an insurance business or a business consisting wholly or partly of dealing in securities,

(b)     a transaction falling within subsection (2) occurs in relation to securities (“the original holding”), and

(c)     a profit on the sale of the securities would be brought into account in calculating the trading profits of that business.

(2)     A transaction falls within this subsection if—

(a)     it results in a new holding

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