647 Makers of manufactured payments
Income Tax Act 2007 (2007 c 3) | Legislation

647  Makers of manufactured payments

(1)     This section applies if the manufactured payments conditions are met.

(2)     The manufactured payments conditions are that—

(a)     securities are transferred without accrued interest to a person (“the seller”),

(b)     the seller makes a contract for the sale of securities of that kind (“the seller's contract”), and

(c)     any contract under which the securities are transferred to the seller, or the seller's contract itself, is a manufactured payments contract.

(3)     The seller is an excluded

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