(1) In this section -
"owner", in relation to securities, means at any time the person who would be entitled, if the securities were redeemed at that time by the person who issued them, to the proceeds of the redemption;
"securities" includes -
(a) assets which are not chargeable assets for the purposes of capital gains tax by virtue of section 607, and
(b) stocks, bonds and obligations of any government, municipal corporation, company or other body corporate, whether creating or evidencing a charge on assets or not,
but does not include shares (within the meaning of the Companies Act 2014) of a company (within the meaning of that Act) or similar body.
(a) Subject to paragraphs (b) to (d) and subsection (3), where the owner of a security (in this subsection referred to as "the owner") sells or transfers, or causes or authorises to be sold or transferred, the security and where any interest payable in respect of the security is receivable otherwise than by the owner, then, for the
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