Part 2 Stamp Duty Reserve Tax
Finance Act 2009 (2009 c 10) | Legislation

Part 2 Stamp Duty Reserve Tax

4

Part 4 of FA 1986 (stamp duty reserve tax) is amended as follows.

5

After section 89AA insert—

“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 839 of the Taxes Act 1988,

(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

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