Section YC 6 — Income Tax Act 2007: Disregarding certain securities

YC 6 Disregarding certain securities When this section applies (1) This section applies for the purposes of sections YC 2 to YC 5 if— (a) a company has issued an excluded fixed rate security: (b) an excluded option has been granted in relation to a share in a company: (c) a company has issued a pre-1991 budget security. Security treated as not issued or granted (2) The excluded fixed rate security, excluded option, or pre-1991 budget security is treated as never having been issued or granted. Holder treated as not holding security (3) The holder of the excluded fixed rate security, excluded option, or pre-1991 budget security is treated as never having held it. Credit account continuity provisions: excluded fixed return securities counted (4) This section is overridden by section YC 20 . Defined in this Act: company , excluded fixed rate security , excluded option , pre-1991 budget security , share , Compare: 2004 No 35 ss OD 3(3)(c) , OD 4(3)(c) Section YC 6(4): amended (with effect on 1 April 2008), on 6 October 2009, by section 568(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).