There are currently no known outstanding effects for the Finance Act 2013, Paragraph 9.
9(1)Section 263A (agreements for sale and repurchase of securities) is amended as follows.U.K.
(2)Before subsection (1) insert—
“(A1)For the purposes of this section there is a repo in respect of securities if—
(a)a person (“the original owner”) has agreed to sell the securities to another person (“the interim holder”), and
(b)the original owner or a person connected with the original owner—
(i)is required to buy back the securities by the agreement or a related agreement,
(ii)is required to buy back the securities as a result of the exercise of an option acquired under the agreement or a related agreement, or
(iii)exercises an option to buy back the securities which was acquired under the agreement or a related agreement.”
(3)In subsection (1), for the words from “falling” to “repos)” substitute “ where under a repo in respect of securities the original owner has transferred the securities to the interim holder ”.
(4)Omit subsection (5).
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