PART XVII TAX AVOIDANCE
CHAPTER II TRANSFERS OF SECURITIES
Transfers with or without accrued interest: supplemental
720 Nominees, trustees etc.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
721 Death.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
722 Trading stock.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
722AF13 Gilt strips: deemed transfer.
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
723 Foreign securities: delayed remittances
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
724 Insurance companies.
F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7725. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8726. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9726A New issues of securities.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
727 Stock lending.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
727AF14 Exception for sale and repurchase of securities.
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C1C2C3728 Information.
M11
In order to obtain for the purposes of F16Part 12 of ITA 2007 (accrued income profits) particulars relating to securities, an inspector may by notice require a return under subsection (2) or (3) below.
2
A member of the Stock Exchange, other than a market maker, may be required to make a return giving, in relation to any transactions effected by him in the course of his business in the period specified in the notice, such particulars as may be so specified.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
A person (other than a member of the Stock Exchange), who acts as an agent or broker in the United Kingdom in transactions in securities, may be required to make a return giving, in relation to any such transactions effected by him in the period specified in the notice, such particulars as may be so specified.
4
No person shall be required under subsection (2) or (3) above to include in a return particulars of any transaction effected more than three years before the service of the notice requiring him to make the return.
5
In order to obtain for the purposes of F18Part 12 of ITA 2007 (accrued income profits) particulars relating to securities, the Board or an inspector may by notice require any person in whose name any securities are registered to state whether or not he is the beneficial owner of those securities and, if he is not the beneficial owner of them or any of them, to furnish the name and address of the person or persons on whose behalf the securities are registered in his name.
6
In this section “market maker”, in relation to securities, means a person who—
a
holds himself out at all normal times in compliance with the rules of the Stock Exchange as willing to buy and sell securities of the kind concerned at a price specified by him; and
b
is recognised as doing so by the Council of the Stock Exchange.
7
The Board may by regulations provide that—
a
subsections (2), (3) and (6)(a) above shall have effect as if references to the Stock Exchange were to any recognised investment exchange (within the meaning of the F15Financial Services and Markets Act 2000) or to any of those exchanges specified in the regulations; and
b
subsection (6)(b) shall have effect as if the reference to the Council of the Stock Exchange were to the investment exchange concerned.
8
Regulations under subsection (7) above shall apply in relation to transactions effected on or after such day as may be specified in the regulations.
F199
In this section “securities” has the meaning given by section 619 of ITA 2007.