{
  "url": "https://openlegislation.uk/finance-act-2007/schedule-13/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-act-2007/schedule-13/paragraph-1.json",
  "legislation": "ukpga/2007/11",
  "legislation_title": "Finance Act 2007",
  "legislation_url": "https://openlegislation.uk/finance-act-2007",
  "path": "schedule/13/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) The purpose of this Schedule is to secure that in the case of an arrangement—\n(a) which involves the sale of securities and the subsequent purchase of securities, and\n(b) which equates, in substance, to a transaction for the lending of money at interest from or to a company (with the securities which were sold as collateral for the loan),\nthe charge to corporation tax in that case in respect of chargeable gains reflects the fact that the arrangement equates, in substance, to such a transaction.\n(2) But this is not to be read as preventing the rules in this Schedule about corporation tax in respect of chargeable gains from having no effect in relation to debtor quasi-repos and creditor quasi-repos.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 13 para. 1(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 726(2) (with Sch. 2 Pts. 1, 2)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 13 para. 1 in force at 1.10.2007 with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/11/schedule/13/paragraph/1",
    "retrieved_at": "2026-10-29T09:12:51.142391+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}