727 Stock lending.U.K.
M1(1)The effect of section 129(3) shall be disregarded in construing section 715(1)(a) and (2)(a).
(2)Where securities are transferred in circumstances such that by virtue of section [F1271(9) of the 1992] Act (capital gains tax exemption) any disposal and acquisition are disregarded for the purposes of capital gains tax, sections 713(2) and (3) and 716 shall not apply.
Textual Amendments
F1Words in s. 727(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(39) (with ss. 60, 101(1), 171, 201(3))
Modifications etc. (not altering text)
C1Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(1)(2)
Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(3)(4)
Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(8)(10)
Ss. 710-728 modified (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 176(4), 184(3)
C2Ss. 710-728 modified (with effect in accordance with s. 105(1) of the modifying Act) by Finance Act 1996 (c. 8), Sch. 13 para. 11 (with Sch. 13 para. 16, Sch. 15)
C3 See S.I. No.1299 (in Part III Vol.5)—The Income Tax (Stock Lending) Regulations 1989.
Marginal Citations
M1Source—1985 Sch.23 32C; 1986 Sch.17 4