SCHEDULES

SCHEDULE 2Transitionals and savings

Part 12Manufactured payments and repos

Deemed manufactured payments: repos

115

(1)

This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of sections 601 and 602) there is a repo in respect of the securities.

(2)

Section 569 has effect as if for subsection (4) there were substituted—

“(4)

Condition C is that the original owner or a person connected with the original owner—

(a)

is required to buy back the securities by the agreement or a related agreement, or

(b)

exercises an option to buy back the securities which was acquired under the agreement or a related agreement.”