http://www.legislation.gov.uk/ukpga/1986/41/section/89AFinance Act 1986An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1986-07-25texttext/xmlenStatute Law Database2026-04-29Expert Participation2026-04-01 Part IV89A1Section 87 above shall not apply as regartds an agreement to transfer securities other than units under a unit trust scheme to B or B's nominee if —athe agreement is part of an arrangement, entered into by B in the ordinary course of B's business as an issuing house, under which B (as principal) is to offer the securities for sale to the public,bthe agreement is conditional upon the admission of the securities to the Offical List of The Stock Exchange,cthe consideration under the agreement for each security is the same as the price at which B is to offer the security for sale, anddB sells the securities in accordance with the arrangement referred to in paragraph (a) above.2Section 87 above shall not apply as regards an agreement if the securities to which the agreement relates are newly subscribed securities other than units under a unit trust scheme and —athe agreement is made in pursuance of an offer to the public made by A (as principal) under an arrangement entered into in the ordinary course of A's business as an issuing house,ba right of allotment in respect of, or to subscribe for, the securities has been acquired by A under an agreement which is part of the arrangement,cboth those agreements are conditional upon the admission of the securities to the Offical List of The Stock Exchange, anddthe consideration for each security is the same under both agreements;and for the purposes of this subsection, “newly subscribed securities” are securities which, in pursuance of the arrangement referred to in paragraph (a) above, are issued wholly for new consideration.3Section 87 above shall not apply as regards an agreement if the securities to which the agreement relates are registered securities other than units under a unit trusty scheme and —athe agreement is made in pursuance of an offer to the public made by A,bthe agreement is conditional upon the admission of the securities to the Offical List of The Stock Exchange, andcunder the agreement A issues to B or his nominee a renounceable letter of acceptance, or similar instrument, in respect of the securities.4The Treasury may by regulations amend paragraph (b) of subsection (1) above, paragraph (c) of subsection (2) above, and paragraph (b) of subsection (3) above (as they have effect for the time being); and the power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.S. 89A inserted by Finance (No. 2) Act 1987 (c. 51), s. 100(1)Pt. 4: construed as one with 1999 c. 16, Pt. VI (27.7.1999) by Finance Act 1999 (c. 16), s. 123(1)Pt. 4: power to restrict conferred (27.7.1999) by Finance Act 1999 (c. 16), s. 119 (with s. 123(4))Pt. 4: power to extend conferred (1.5.1995) by Finance Act 1995 (c. 4), s. 152(2)(b)(6)Pt. 4: 2019 c. 1, s. 48 construed as one with this Part (with effect in accordance with s. 48(12) of the amending Act) by Finance Act 2019 (c. 1), s. 48(11)Pt. 4: 2019 c. 1, s. 48A construed as one with this Part by 2019 c. 1, s. 48A(9) (as inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 78)