Part 1 Stamp Duty
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 37 Stock Lending: Stamp Taxes in the Event of Insolvency

Section 83

Part 1 Stamp Duty

1

FA 1986 is amended as follows.

2

In Part 3 (stamp duty), after section 80C insert—

“80D Repurchases and stock lending: replacement stock on insolvency

(1)     This section applies where—

(a)     A and B have entered into an arrangement falling within section 80C(1),

(b)     the conditions in subsection (2A) or (3) of that section are met,

(c)     stock is transferred to A or A's nominee, and

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

(2)     The conditions in this subsection are that—

(a)     A and B are not connected persons within the meaning of section 839 of the Taxes Act 1988,

(b)     after B has transferred stock under the arrangement, A or B becomes insolvent,

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

(d)     the party who does not become

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