(1) This section shall apply to a financial transaction where -
(a) a distribution is paid to a stock buyer pursuant to a stock borrowing or the repurchase agreement in respect of a stock transfer,
(b) the corresponding stock return for that stock borrowing or stock transfer has taken place,
(c) the distribution received by the stock buyer pursuant to the stock borrowing or repurchase agreement was subject to dividend withholding tax,
(d) the stock seller would have been entitled -
(i) to a repayment of the dividend withholding tax referred to in paragraph (c), or
(ii) to receive the distribution without deduction of that dividend withholding tax,
had that stock seller not entered into the financial transaction and received that distribution directly,
(e) the stock seller has not been compensated by the stock buyer, or a party connected to that stock buyer, for the dividend withholding tax referred to in paragraph (c), or any part of that dividend withholding tax, and
…