SCHEDULE 13 Chargeable Gains in Stock Lending: Insolvency etc of Borrower
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 13 Chargeable Gains in Stock Lending: Insolvency etc of Borrower

Section 32

1

TCGA 1992 is amended as follows.

2

(1)     Section 263B (stock lending arrangements) is amended as follows.

(2)     In subsection (2), for “section 263C(2)†substitute “sections 263C(2) and 263CA(3) and (5)â€.

(3)     In subsection (4)—

(a)     in paragraph (a), insert at the end “for a consideration equal to their market value at that timeâ€,

(b)     in paragraph (b), after “at that time†insert “for that considerationâ€, and

(c)     insert at the end (not as part of paragraph (c))—

“This subsection does not apply where section 263CA (insolvency of borrower) applies.â€

(4)     In subsection (7), omit the definition of “interestâ€.

3

After section 263C (stock lending involving redemption) insert—

“263CA Stock lending: insolvency etc of borrower

(1)     This section applies where, in the case of any stock lending arrangement—

(a)     the borrower (B) becomes insolvent after the lender (L) has transferred the securities,

(b)     as a result of the insolvency, the requirement for B to make a transfer back to L will not be complied with as regards some or all of the securities,

(c)     collateral is used (whether directly or indirectly)

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