Income tax: tax consequences of investing in UBS Highly Geared 'ISS' Series Instalment Warrants - cash applicants and secondary market purchasers

Product Ruling PR 2002/135 sets out the Commissioner's view on the income tax consequences for entities participating in the UBS Warburg Highly Geared ISS Series Instalment Warrants for cash applicants and secondary market purchasers.

From 1 July 2007, the recently enacted Division 247 of the Income Tax Assessment Act 1997 applies a different methodology for calculating the cost of capital protection for entities in the UBS Warburg Highly Geared ISS Series Instalment Warrants. PR 2002/135 therefore has no application to entities entering into the UBS Warburg Highly Geared ISS Series Instalment Warrants on or after 1 July 2007.