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Financial > Investments > Securities
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This is a generic term used to describe shares, debentures (loans to businesses), gilts, bonds issued by other governments and permanent interest sharing shares relating to industrial societies, provident societies or building societies.
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Income received from any security will be subject to UK Income Tax. Where a tax credit for 20% accompanies that income, there is no further Income Tax to pay for basic rate tax payers. Profit made on the sale of securities (either at maturity or mid term) are subject to Capital Gains Tax.
Every UK tax payer is allowed to make gains of £9,200 in the 2007/2008 tax year before any Capital Gains Tax is payable - and there are discounts that can be allowed off the gain depending on what the investment was and how long you have held it.
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They can be held directly or through collective investment schemes such as a Unit Trust, Open Ended Investment Company (OEIC) or even a Capital Investment Bond offered by an insurance company.
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