Part VII Other property, businesses, investments etc.
Miscellaneous reliefs and exemptions
263AAF1Section 263A: interpretation
1
Subsections (2) to (7) apply for the purposes of section 263A.
2
References to buying back securities include references to—
a
buying similar securities, and
b
in the case of a person connected with the person who is the original owner under the repo, buying the securities sold by the original owner or similar securities.
3
Subsection (2) applies even if the person buying the securities has not held them before.
4
References to repurchase or a repurchaser are to be read accordingly.
5
For the purposes of subsection (2) securities are similar if they give their holders—
a
the same rights against the same persons as to capital and distributions, interest and dividends, and
b
the same remedies to enforce those rights.
6
Subsection (5) applies even if there is a difference in—
a
the total nominal amounts of the securities,
b
the form in which they are held, or
c
the manner in which they can be transferred.
7
Agreements are related if they are entered into in pursuance of the same arrangement (regardless of the date on which either agreement is entered into).
8
In section 263A and this section “securities” means—
a
shares in a company wherever resident,
b
loan stock or other securities of—
i
the government of the United Kingdom,
ii
a local authority in the United Kingdom,
iii
another public authority in the United Kingdom,
iv
a company resident in the United Kingdom or other body resident in the United Kingdom, or
c
shares, loan stock, stock or other securities issued by—
i
a government, local authority or other public authority of a territory outside the United Kingdom, or
ii
another body of persons not resident in the United Kingdom.