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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 543 is up to date with all changes known to be in force on or before 12 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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543Meaning of creditor repoU.K.
This section has no associated Explanatory Notes
(1)For the purposes of this Chapter a company (“the lender”) has a creditor repo if each of conditions A to E is met.
(2)Condition A is that under an arrangement another person (“the borrower”) receives from the lender any money or other asset (“the advance”).
(3)Condition B is that, in accordance with generally accepted accounting practice, the accounts of the lender for the period in which the advance is made record a financial asset in respect of the advance.
(4)Condition C is that under the arrangement the borrower sells any securities at any time to the lender.
(5)Condition D is that the arrangement makes provision conferring a right or imposing an obligation on the lender to sell those or similar securities at any subsequent time.
(6)Condition E is that, in accordance with generally accepted accounting practice, the subsequent sale of those or similar securities would extinguish the financial asset in respect of the advance recorded in the accounts of the lender.
(7)For the purposes of conditions A to E references to the lender include a firm of which the lender is a member.
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