Part 19 Relocation of Paragraph 13 of Schedule 13 to FA 2007
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

Part 19 Relocation of Paragraph 13 of Schedule 13 to FA 2007

Income Tax Act 2007 (c 3)

111

ITA 2007 is amended as follows.

112

After section 925 insert—

â€Áè±ð±è´Ç²õ
925A Creditor repos

(1)     Subsection (2) applies if a company (“the lenderâ€) has a creditor repo for the purposes of Chapter 10 of Part 6 of CTA 2009 (see section 543 of that Act).

(2)     Sections 918 to 925 have effect in relation to the lender while the arrangement is in force as if—

(a)     the lender paid the borrower amounts which are representative of the income payable on the securities that are initially sold,

(b)     the payments were made under requirements of the arrangement, and

(c)     the payments were made on the dates on which the income is payable.

(3)     For the purposes of subsection (2), an arrangement is in force from the time when the securities are initially sold until the earlier of—

(a)     the time when the subsequent sale of the securities, or similar securities, takes place, and

(b)     the time when it becomes apparent that that sale will not take place.

925B Debtor repos

(1)     Subsection (2) applies

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