Corporation Tax Act 2009

Repo transactions and stock lending arrangements before 1 October 2007

78 (1) Chapter 10 of Part 6 (repos) does not apply in relation to an arrangement which came into force before 1 October 2007.

(2) The repeal by this Act of paragraph 15 of Schedule 9 to FA 1996 (repo transactions and stock-lending) does not affect its application in relation to cases where there is—

(a) an arrangement to which Chapter 10 of Part 6 would apply if the arrangement had not come into force before 1 October 2007,

(b) a stock lending arrangement (within the meaning of section 263B(1) of TCGA 1992), which came into force before that date and under which the lender transfers securities to the borrower otherwise than by way of sale, or

(c) any other disposal before that date.

(3) But that paragraph applies with the substitution—

(a) for references to Chapter 2 of Part 4 of FA 1996 of references to Part 5 of this Act, and

(b) for the reference in sub-paragraph (5) to section 84 of that Act of a reference to section 304 of this Act.