- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)In Chapter II of Part XVII of the Taxes Act 1988 (transfers of securities) after section 727 insert—
(1)Where securities are transferred under an agreement to sell them, and under the same or any related agreement the transferor or a person connected with him—
(a)is required to buy back the securities, or
(b)acquires an option, which he subsequently exercises, to buy back the securities,
section 713(2) and (3) and section 716 do not apply to the transfer by the transferor or the transfer back.
(2)For the purposes of this section agreements are related if they are entered into in pursuance of the same arrangement (regardless of the date on which either agreement is entered into).
(3)Section 839 (connected persons) applies for the purposes of this section.
(4)References in this section to buying back securities include buying similar securities.
For this purpose securities are similar if they entitle their holders—
(a)to the same rights against the same persons as to capital and interest, and
(b)to the same remedies for the enforcement of those rights,
notwithstanding any difference in the total nominal amounts of the respective securities or in the form in which they are held or the manner in which they can be transferred.
(5)For the purposes of this section—
(a)a person connected with the transferor who is required to buy securities sold by the transferor shall be treated as being required to buy the securities back, and
(b)a person connected with the transferor who acquires an option to buy securities sold by the transferor shall be treated as acquiring an option to buy the securities back,
notwithstanding that it was not he who sold them.”.
(2)In section 728 of the Taxes Act 1988 (information) in subsections (1) and (5) for “sections 710 to 727” substitute “sections 710 to 727A”.
(3)The above amendments have effect where the agreement to sell the securities is entered into on or after the date on which this Act is passed.
(4)If the appointed day for the purposes of section 737A of the Taxes Act 1988 in relation to any description of securities falls after the date on which this Act is passed, the reference in subsection (3) above to the date on which this Act is passed shall be construed in relation to an agreement relating to securities of that description and to which section 737A would apply if it were in force as a reference to that appointed day.
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