Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 38 U.K. Sale and repurchase of securities etc

Provisions to cover both “put” and “call” options U.K.

8 U.K. In section 737E(8) of the Taxes Act 1988 (power to modify provisions about repo arrangements), for paragraph (b) substitute—

“(b) that person or a person connected with him—

(i) is required to buy them back in pursuance of an obligation imposed by, or in consequence of the exercise of an option acquired under, that agreement or any related agreement, or

(ii) acquires an option to buy them back under that agreement or any related agreement which he subsequently exercises.”.