Section 556 Meaning of securities and similar securitiesC1 C2 C3 C4 C5 C6 C7 C8

United Kingdom

(1)

In this Chapter “securities” (except in the definition of “overseas securities” in section 559) means—

(a)

shares, stock or other securities issued by—

(i)

the government of the United Kingdom,

(ii)

any public or local authority in the United Kingdom, or

(iii)

any UK resident company or other UK resident body, or

(b)

overseas securities.

(2)

For the purposes of this Chapter securities are similar if they entitle their holders to—

(a)

the same rights against the same persons as to capital, interest and dividends, and

(b)

the same remedies for the enforcement of those rights.

(3)

For the purposes of subsection (2) any difference in—

(a)

the total nominal amounts of the respective securities,

(b)

the form in which they are held, or

(c)

the way in which they can be transferred,

is ignored.

Annotations

C1: S. 556 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 18(11)
C2: S. 556 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 20(11)
C3: S. 556 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 25(4)
C4: S. 556 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 31(3)
C5: S. 556 applied (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 22(3)
C6: S. 556 applied by 2011 c. 11, Sch. 19 para. 15S(7) (as inserted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2)
C7: S. 556 applied by 2011 c. 11, Sch. 19 para. 27C (as inserted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 7)
C8: S. 556 applied by 2011 c. 11, Sch. 19 para. 15Z3(7) (as inserted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2)

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)