Income Tax Act 2007

112 (1) Section 597 does not apply if the stock lending arrangement was made before 5 December 2005. U.K.

(2) In relation to a stock lending arrangement made on or after 5 December 2005 but before 22 March 2006, section 597 has effect with the omission of subsection (6).

(3) If—

(a) a stock lending arrangement was made before 5 December 2005 in respect of any securities (“the original securities”), and

(b) on or after that date the lender under the stock lending arrangement transfers securities (“the substituted securities”) in substitution for some or all of the original securities,

section 597 has effect as if that arrangement were made on the date of the substitution (and the substituted securities were the relevant securities).