[89AB Section 87: exception for repurchases and stock lending in case of insolvency]
Finance Act 1986 (1986 c 41) | Legislation

[89AB  Section 87: exception for repurchases and stock lending in case of insolvency]

[(1)     This section applies where—

(a)     P and Q have entered into an arrangement falling within section 89AA(1),

(b)     the only reason that the conditions in subsection (2A) or (3) of that section are not met is that chargeable securities of the same kind and amount as those transferred to P or P's nominee are not transferred to Q or Q's nominee, and

(c)     the conditions in subsection (2) below are met.

(2)     The conditions in this subsection are that—

(a)     P and Q are not connected persons within the meaning of [section 1122 of the Corporation Tax Act 2010],

(b)     after Q has transferred securities under the arrangement, either P or Q becomes insolvent,

(c)     it becomes apparent (whether before or after the insolvency occurs) that, as a result of the insolvency, securities will not be transferred to Q or Q's nominee in accordance with the arrangement.

(3)     Section 87 does not apply as regards

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