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Finance Act 2013

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Changes over time for: Paragraph 9

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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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