108Sections 592 and 593 do not apply if the qualifying distribution was made before 8 April 1998.
109(1)Section 592(3) does not apply if the qualifying distribution was received by the borrower before the relevant date.
(2)The relevant date is—
(a)if the borrower is an individual, 6 November 2003, and
(b)if the borrower is not an individual, 17 March 2004.
110(1)Section 593(3) does not apply if the qualifying distribution was received by the interim holder before the relevant date.
(2)The relevant date is—
(a)if the interim holder is an individual, 6 November 2003, and
(b)if the interim holder is not an individual, 17 March 2004.
111Section 596 does not apply if the stock lending arrangement was made before 1 July 1997.
112(1)Section 597 does not apply if the stock lending arrangement was made before 5 December 2005.
(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).
113Sections 596(5) and 599 do not apply in relation to any arrangement made before 22 March 2006.
114(1)Section 602 does not apply if—
(a)the securities are UK shares or UK securities, and
(b)the agreement to sell them was entered into by the original owner before 1 May 1995.
(2)Section 602 does not apply if—
(a)the securities are overseas securities, and
(b)the agreement to sell them was entered into by the original owner before 6 November 1996.
115(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of sections 601 and 602) there is a repo in respect of the securities.
(2)Section 569 has effect as if for subsection (4) there were substituted—
“(4)Condition C is that the original owner or a person connected with the original owner—
(a)is required to buy back the securities by the agreement or a related agreement, or
(b)exercises an option to buy back the securities which was acquired under the agreement or a related agreement.”
116(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether section 602 applies.
(2)Section 601 applies with these modifications.
(3)It applies as if in subsection (1)(c) for “the first or second set of relevant conditions” there were substituted “subsection (2)”.
(4)It applies as if in subsection (2) for “This is the first set of relevant conditions” there were substituted “These are the conditions”.
(5)It applies as if subsection (3) were omitted.
117(1)This paragraph applies if—
(a)an agreement to sell securities was made before 27 June 2006,
(b)the person from whom the securities are to be repurchased (“A”) is not the person to whom the original owner agreed to sell the securities, and
(c)A did not become the person from whom the securities are to be repurchased in consequence of an agreement made on or after 27 June 2006.
(2)Section 602 has effect with the omission of subsections (3) and (4).
118(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003.
(2)Section 605 has effect with the omission—
(a)in subsection (1), of the words “or B”, and
(b)of subsection (3).
119Section 607 does not apply if the agreement to sell the securities was entered into before 1 May 1995.
120(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 607) there is a repo in respect of the securities.
(2)Section 569 has effect as if for subsection (4) there were substituted—
“(4)Condition C is that the original owner or a person connected with the original owner—
(a)is required to buy back the securities by the agreement or a related agreement, or
(b)is required to buy back the securities under an obligation imposed as a result of the exercise of an option acquired under the agreement or a related agreement.”
121(1)This paragraph applies if section 607 applies and the agreement to sell the securities was made before 9 April 2003.
(2)That section has effect with the omission of subsections (6) and (7).
122(1)This paragraph applies if the agreement to sell the securities to the interim holder was made before 9 April 2003.
(2)Section 608(3) has effect as if for “benefits and risks” there were substituted “benefits or risks”.
123(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003.
(2)Section 611 applies with these modifications.
(3)It applies as if in subsection (1) after “modifications” there were inserted “in a case where there is a sale and repurchase arrangement in respect of securities”.
(4)It applies as if after subsection (1) there were inserted—
“(1A)For the purposes of subsection (1) there is a sale and repurchase arrangement in respect of securities if—
(a)a person (“the original owner”) has sold the securities to another person under an agreement,
(b)the securities are UK shares, UK securities or overseas securities, and
(c)the original owner or a person connected with the original owner—
(i)is required to buy back the securities by the agreement or a related agreement, or
(ii)acquires, under the agreement or a related agreement, an option to buy back the securities.
(1B)Section 570 (meaning of “buying back” securities etc) applies in the context of subsection (1A) as it applies in the context of a repo.”
124(1)This paragraph applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 612) there is a repo in respect of the securities.
(2)This paragraph also applies if an agreement to sell securities was made before 9 April 2003, for the purpose of determining whether (for the purposes of section 613) the case involves redemption arrangements.
(3)Section 569 applies with these modifications.
(4)It applies as if for subsection (2) there were substituted—
“(2)Condition A is that a person (“the original owner”) has sold the securities to another person (“the interim owner”) under an agreement.”
(5)It applies as if for subsection (4) there were substituted—
“(4)Condition C is that the original owner or a person connected with the original owner—
(a)is required to buy back the securities by the agreement or a related agreement, or
(b)acquires, under the agreement or a related agreement, an option to buy back the securities.”