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Finance Act 2003

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Changes over time for: Cross Heading: Exceptions

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No versions valid at: 13/04/2003

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Point in time view as at 13/04/2003. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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Finance Act 2003, Cross Heading: Exceptions is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Valid from 10/07/2003

ExceptionsU.K.

15U.K.In section 727A(1) of the Taxes Act 1988 (accrued income scheme not to apply to transfers of securities under repo agreements), insert at the end “ except in a case where section 730A of the Taxes Act 1988 is prevented from applying by subsection (8) of that section. ”.

16U.K.In section 730A(8)(b) of the Taxes Act 1988 (treatment of price differential on sale and repurchase: exclusion of cases where all benefits or risks are for interim holder), for “benefits or risks” substitute “ benefits and risks ”.

17U.K.In section 737C(11A) of the Taxes Act 1988 (purposes for which deemed increase of repurchase price has effect), insert at the end “ or where that section is prevented from applying by subsection (8) of that section. ”.

18(1)Paragraph 15 of Schedule 9 to the Finance Act 1996 (c. 8) (repo transactions not related transactions for purposes of loan relationship provisions) is amended as follows.U.K.

(2)In sub-paragraph (3), after “means” insert “ (subject to sub-paragraph (3A)) ”.

(3)After that sub-paragraph insert—

(3A)Arrangements are not repo or stock-lending arrangements if they are excluded from section 730A of the Taxes Act 1988 by subsection (8) of that section..

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