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Income and Corporation Taxes Act 1988
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Changes over time for: Section 129
Version Superseded: 25/07/1991
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129 Stock lending.U.K.
M1(1)Subject to subsection (4) below, this section applies where a person (“A”) has contracted to sell securities and, to enable him to fulfil the contract, he enters into an arrangement under which—
(a)another person (“B”) is to transfer securities to A or his nominee; and
(b)in return securities of the same kind and amount are to be transferred (whether or not by A or his nominee) to B or his nominee.
(2)Subject to subsection (4) below, this section also applies where, to enable B to make the transfer to A or his nominee, B enters into an arrangement under which—
(a)another person (“C”) is to transfer securities to B or his nominee; and
(b)in return securities of the same kind and amount are to be transferred (whether or not by B or his nominee) to C or his nominee.
(3)Any transfer made in pursuance of an arrangement mentioned in subsection (1) or (2) above shall not be taken into account for the purposes of the Tax Acts in computing the profits or losses of any trade carried on by the transferor or transferee.
(4)The Treasury may provide by regulations that this section or any provision of it or section 149B(9) of the 1979 Act does not apply unless such conditions as are specified in the regulations are fulfilled; and the conditions may relate to the capacity in which any person involved in any arrangement is acting, the Board’s approval of any such person or of the arrangement, the nature of the securities or otherwise.
(5)In this section “securities” includes stocks and shares.
(6)This section applies to transfers made after such date as is specified for this purpose by regulations made under section 61 of the Finance Act 1986 or, if no such regulations have been made before 6th April 1988, under this section.
Modifications etc. (not altering text)
C1 See 1990 s.56and Sch.10 para.23—convertible securities.
C2 For regulations see S.I. 1989 No.1299in Part III Vol.5in relation to transfers after 17August 1989.
Marginal Citations
M1Source—1986 s.61
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