SCHEDULES
SCHEDULE 2Transitionals and savings
Part 13Accrued income profits
Sale and repurchase arrangements
125
1
Section 655 applies only if—
a
in the case of overseas securities, the agreement to sell the securities mentioned in section 654(2) is entered into after 5 November 1996, and
b
in any other case, the agreement to sell the securities so mentioned is entered into after 30 April 1995.
2
In sub-paragraph (1) “overseas securities” has the same meaning as in Part 11 (see section 567).
126
1
This paragraph applies if the agreement to sell the securities mentioned in section 654(2) was made before 9 April 2003.
2
Section 655 has effect with the omission of subsection (2).
3
For the purpose of determining whether (for the purposes of section 655) there is a sale and repurchase arrangement in respect of the securities, section 654(2) has effect with the omission of paragraph (b).
4
Sub-paragraph (5) applies—
a
for the purpose of determining whether (for the purposes of section 656) there is a sale and repurchase arrangement in respect of the securities, and
b
for the purpose of determining whether (for the purposes of section 657) the case involves redemption arrangements.
5
Section 654(2) has effect with the substitution for paragraphs (b) and (c) of
or
b
T or a person connected with T acquires, under the agreement or a related agreement, an option to buy back the securities.