Section 263AA — Taxation of Chargeable Gains Act 1992: Section 263A: interpretation

Section 263A: interpretation 263AA 1 Subsections (2) to (7) apply for the purposes of section 263A.

2 References to buying back securities include references to—

a buying similar securities, and b in the case of a person connected with the person who is the original owner under the repo, buying the securities sold by the original owner or similar securities.

3 Subsection (2) applies even if the person buying the securities has not held them before.

4 References to repurchase or a repurchaser are to be read accordingly.

5 For the purposes of subsection (2) securities are similar if they give their holders—

a the same rights against the same persons as to capital and distributions, interest and dividends, and b the same remedies to enforce those rights.

6 Subsection (5) applies even if there is a difference in—

a the total nominal amounts of the securities, b the form in which they are held, or c the manner in which they can be transferred.

7 Agreements are related if they are entered into in pursuance of the same arrangement (regardless of the date on which either agreement is entered into).

8 In section 263A and this section “ securities ” means—

a shares in a company wherever resident, b loan stock or other securities of—

i the government of the United Kingdom, ii a local authority in the United Kingdom, iii another public authority in the United Kingdom, iv a company resident in the United Kingdom or other body resident in the United Kingdom, or c shares, loan stock, stock or other securities issued by—

i a government, local authority or other public authority of a territory outside the United Kingdom, or ii another body of persons not resident in the United Kingdom.