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(1)For the purposes of sections 597 and 598, a quasi-stock lending arrangement is treated as if it were a stock lending arrangement.
(2)For the purposes of sections 597 and 598, in relation to a stock lending arrangement or quasi-stock lending arrangement—
(a)quasi-cash collateral is treated as if it were cash collateral, and
(b)the amount of that cash collateral is taken to be the amount of the quasi-cash collateral in relation to the stock lending arrangement or quasi-stock lending arrangement.
(3)If—
(a)section 597 applies in relation to a quasi-stock lending arrangement, and
(b)the person for whom the tax advantage was designed to be obtained is a person (“the other person”) other than the borrower under the arrangement,
that section and section 598 have effect as if the other person were the person who receives the amount of interest mentioned in that section.
(4)If section 597 applies in relation to a quasi-stock lending arrangement—
(a)any reference in that section to cash collateral being payable to or for the benefit of the lender includes its being payable to or for the benefit of a person connected with the lender,
(b)the reference in subsection (1)(c) of that section to a return to the borrower includes a return to any other person, and
(c)any reference in that section and section 598 to the transfer back of the relevant securities by the borrower to the lender includes the transfer back of any or all of the securities, or any other property, by any person to the lender or any other person.
(5)In subsection (4)(c) “property” means property in any form.
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