Part 6Relationships treated as loan relationships etc
Chapter 10Repos
Interpretation
C2C5C1C8C3C7C4C6556Meaning of securities and similar securities
1
In this Chapter “securities” (except in the definition of “overseas securities” in section 559) means—
a
shares, stock or other securities issued by—
i
the government of the United Kingdom,
ii
any public or local authority in the United Kingdom, or
iii
any UK resident company or other UK resident body, or
b
overseas securities.
2
For the purposes of this Chapter securities are similar if they entitle their holders to—
a
the same rights against the same persons as to capital, interest and dividends, and
b
the same remedies for the enforcement of those rights.
3
For the purposes of subsection (2) any difference in—
a
the total nominal amounts of the respective securities,
b
the form in which they are held, or
c
the way in which they can be transferred,
is ignored.