The exchange of gilt-edged securities is treated (for the purposes of the accrued income scheme) as a transfer of a security. For the meaning of a gilt-edged security, see C3.1814B. A 'strip', in relation to a gilt-edged security (a gilt), means a security1:
- Ìý
•ÌýÌýÌýÌý issued for the purpose of representing the right to one or more payments of interest or principal remaining to be made under the underlying security
- Ìý
•ÌýÌýÌýÌý issued in conjunction with other securities that together represent the right to every remaining payment under the underlying security, and
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•ÌýÌýÌýÌý that is not itself a security representing a right to part of every remaining payment
The Treasury may make regulations enabling specific government stocks to be exchanged for strips of such stocks or for strips to be consolidated
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