SCHEDULE 12 Transactions in Securities
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 12 Transactions in Securities

Section 38

Income tax

1

Chapter 1 of Part 13 of ITA 2007 (transactions in securities: income tax advantages) is amended as follows.

2

For sections 682 to 694 substitute—

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682 Overview of Chapter

This Chapter makes provision for counteracting income tax advantages from transactions in securities.

683 Provisions of Chapter

(1)     Sections 684 to 687 specify when a person is liable to counteraction of income tax advantages from transactions in securities.

(2)     Sections 695 to 700 make provision about the procedure for counteraction of such income tax advantages.

(3)     Sections 701 and 702 make provision for a clearance procedure.

(4)     Section 705 makes provision for appeals against counteraction notices.

(5)     Sections 712 deals with cases in which a person liable to counteraction dies.

(6)     Section 713 contains interpretative provisions.

Person liable to counteraction of income tax advantages
684 Person liable to counteraction of income tax advantage

(1)     This section applies to a person where—

(a)     the person is a party to a transaction in securities or two or more transactions in securities (see subsection (2)),

(b)     the circumstances are covered by section 685 and not excluded by

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