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Income Tax Act 2007
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Changes over time for: Section 570
Version Superseded: 01/01/2014
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- 06/04/2007- Amendment
- 06/04/2010
Point in time - 01/01/2014- Amendment
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570Meaning of “buying back” securities etcU.K.
This section has no associated Explanatory Notes
(1)This section applies for the purposes of this Part, in the context of a repo.
(2)References to buying back securities include references to—
(a)buying similar securities, and
(b)in the case of a person connected with the person who is the original owner under the repo, buying the securities sold by the original owner or similar securities.
(3)Subsection (2) applies even if the person buying the securities has not held them before.
(4)References to repurchase or a repurchaser are to be read accordingly.
(5)For the purposes of subsection (2) securities are similar if they give their holders—
(a)the same rights against the same persons as to capital and distributions, interest and dividends, and
(b)the same remedies to enforce those rights.
(6)Subsection (5) applies even if there is a difference in—
(a)the total nominal amounts of the securities,
(b)the form in which they are held, or
(c)the manner in which they can be transferred.
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