152(1)  This section applies for the purpose of calculating the profits of a trade if–

(a)strips of a gilt-edged security are consolidated into a single security by being exchanged by the person carrying on the trade (“the trader”) for the single security, and

(b)a profit on the sale of any of the strips would be brought into account in calculating the profits of the trade.

152(2)  Each strip is treated as having been redeemed at the time of the exchange by payment to the trader of its market value.

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