Income Tax Act 2007 (c. 3)

Part 12 U.K. Accrued income profits

Chapter 2 U.K. Accrued income profits and losses

Excluded transfers U.K.

655 Transfers under sale and repurchase arrangements U.K.

(1) If there is a sale and repurchase arrangement in respect of securities, this Chapter does not apply to the transfer by T or the transfer back under the arrangement.

(2) But subsection (1) does not apply if section 608 prevents section 607 (treatment of price differences under repos) from applying in relation to the arrangement.