Section 555 Cases where section 554 applies: non-standard repos

(1)

The cases to which this section applies are where—

(a)

a company has a repo,

(b)

there has been a sale of the securities under the arrangement or arrangements by reference to which the company has the repo, and

(c)

any of conditions A to C is met in relation to the repo.

(2)

Condition A is that those securities, or similar or other securities, are not subsequently bought under the arrangement or arrangements.

(3)

Condition B is that provision is made by or under an arrangement for different or additional securities to be treated as, or as included with, securities which, for the purposes of the subsequent purchase, are to represent those initially sold.

(4)

Condition C is that provision is made by or under an arrangement for securities to be treated as not so included.

Notes on Part 6

Modifications

C1: Pt. 6 modified (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by 2005 c. 5, Sch. A1 para. 35(7) (as inserted by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 1)