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Income Tax Act 2007
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569Meaning of “repo”
This section has no associated Explanatory Notes
(1)For the purposes of this Part there is a repo in respect of securities if conditions A, B and C are met.
(2)Condition A is that a person (“the original owner”) has agreed to sell the securities to another person (“the interim holder”).
(3)Condition B is that the securities are UK shares, UK securities or overseas securities.
(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,
(b)is required to buy back the securities as a result of the exercise of an option acquired under the agreement or a related agreement, or
(c)exercises an option to buy back the securities which was acquired under the agreement or a related agreement.
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