# Finance Act 2011, Paragraph 32


(1) Sovereign stock-lending liabilities are excluded.
(2) “ Sovereign stock-lending liabilities ” means liabilities of the lender to redeliver equivalent cash collateral under a stock lending arrangement in respect of high quality securities.
(3) Section 805 of CTA 2010 (“stock lending arrangement”) applies for the purposes of sub-paragraph (2) as it applies for the purposes of Chapter 5 of Part 17 of that Act, and the reference in sub-paragraph (2) to “ the lender ” is to be construed accordingly.
(4) Paragraph 31(3) and (4) apply for the purposes of this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/32 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.