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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 19 December 2020 - onwards
  Version 2 of 2    

753B. Application.

(1) This Chapter shall apply to a financial transaction, entered into on or after 1 January 2020, other than -

(a) a financial transaction -

(i) pursuant to which a stock buyer holds qualifying securities or equivalent stock, and

(ii) as a consequence of which a distribution arises or accrues to that stock buyer from those qualifying securities or that equivalent stock,

except where -

(I) the stock seller would be entitled -

(A) to a repayment of any tax withheld from the distribution, or

(B) to receive the distribution without the deduction of tax,

under any provision of the Tax Acts or under arrangements made with another territory having the force of law by virtue of section 826(1), had that stock seller not entered into the financial transaction and received that distribution directly, and

(II) the distribution is in the form of cash,

(b) a financial transaction -

(i) pursuant to which a stock buyer holds qualifying securities, and

(ii) as a consequence of which interest arises or

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