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.