[89AA Section 87: exception for repurchases and stock lending]
Finance Act 1986 (1986 c 41) | Legislation

[89AA  Section 87: exception for repurchases and stock lending]

[(1)ÌýÌýÌýÌý This section applies where a person (P) has entered into an arrangement with another person (Q) under which—

(a)ÌýÌýÌýÌý Q is to transfer chargeable securities of a particular kind to P or his nominee, and

(b)ÌýÌýÌýÌý chargeable securities of the same kind and amount are to be transferred by P or his nominee to Q or his nominee,

and the conditions set out in subsection [(2A) or] (3) below are fulfilled.

(2)ÌýÌýÌýÌý Section 87 above shall not apply as regards an agreement to transfer chargeable securities to P or his nominee or Q or his nominee in accordance with the arrangement.

[(2A)ÌýÌýÌýÌý The conditions in this subsection are—

(a)ÌýÌýÌýÌý that P or Q [—

(i)]ÌýÌýÌýÌý is authorised under the law of an EEA State

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