76 Manufactured payments: stock lending arrangements
Finance Act 2013 (2013 c 29) | Legislation

76  Manufactured payments: stock lending arrangements

(1)     Section 596 of ITA 2007 (deemed manufactured payments: stock lending arrangements) is amended in accordance with subsections (2) and (3).

(2)     For subsection (1) substitute—

“(1)     This section applies if conditions A to C are met.

(1A)     Condition A is that there is a stock lending arrangement in respect of securities.

(1B)     Condition B is that a dividend or interest on the securities is paid, as a result of the arrangement, to a person other than the person who is the lender under the arrangement.

(1C)     Condition C is that—

(a)     no provision is made for securing that the lender receives payments representative of the dividend or interest, or

(b)     provision is made for securing that the lender receives—

(i)     payments representative

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