Section 925E — Income Tax Act 2007: Cases where section 925D applies: non-standard repos

Cases where section 925D applies: non-standard repos 925E 1 This section applies to a case if—

a a company has a repo, b there has been a sale of the securities under the arrangement or arrangements by reference to which the company has the repo, and c any of conditions A to C is met.

2 Condition A is that those securities, or similar or other securities, are not subsequently bought under the arrangement or arrangements.

3 Condition B is that provision is made by or under an arrangement for different or additional securities to be treated as, or as included with, securities which, for the purposes of the subsequent purchase, are to represent those initially sold.

4 Condition C is that provision is made by or under an arrangement for securities to be treated as not so included.

5 Section 925D(5) interprets references in subsection (1) to a company having a repo.