Explanatory Note
(This note is not part of the Regulations)
These Regulations modify provisions of the Income and Corporation Taxes Act 1988 and the Taxation of Chargeable Gains Act 1992 dealing with the tax treatment of transactions involving the sale and repurchase of securities. The modifications relate to cases where the securities are redeemed instead of being repurchased, and where other securities are substituted for those originally transferred.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulations 3 and 4 modify provisions in connection with the redemption of securities, and regulation 5 modifies provisions in connection with substituted securities.