Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 2 U.K. Deduction by deposit-takers and building societies

Other investments which are not relevant investments U.K.

869 Sale and repurchase of securities U.K.

(1) An investment is not a relevant investment if it is a loan which is treated as made to a building society by virtue of section 607 (treatment of price differences under repos).

(2) An investment is not a relevant investment if it is an amount of cash which is—

(a) received by a building society in connection with a repo in circumstances where section 607 applies, and

(b) required as a result of a variation in the value of the securities in respect of which the repo is made as security for performance by the parties to the repo of their obligations under it.

(3) In this section “repo” has the same meaning as in Part 11 (see section 569).