The rules concerning variable rate bonds were amended as part of the tax law rewrite project.

The rules apply to all securities other than:

securities carrying a rate of interest at a fixed rate which is the same throughout the period (e.g. conventional gilts);

securities carrying a rate of interest which varies but bears a fixed relationship to a standard published base rate throughout the period (e.g. a debenture with a return tied to a bank rate);

securities carrying interest at a rate which bears a fixed relationship to a published index of prices throughout the period (e.g. index-linked gilts).

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