Section 925E Cases where section 925D applies: non-standard reposF1

(1)

This section applies to a case if—

(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.

(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.

(5)

Section 925D(5) interprets references in subsection (1) to a company having a repo.

Annotations

Textual amendments

F1: Ss. 925A-925F and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 112 (with Sch. 9 paras. 1-9, 22)

Notes on Part 15

Modifications

C1: Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Notes on Chapter 9

Modifications

C1: Pt. 15 Ch. 9 modified (with effect in accordance with art. 2 of the commencing S.I.) by Finance Act 2007 (c. 11), s. 47(4), Sch. 13 para. 13; S.I. 2007/2483, art. 2