Corporation Tax Act 2009 section 552

General provisions about arrangements

Section 552 sets out general rules about how repo and quasi-repo arrangements operate for the purposes of this Chapter, including when an arrangement is considered to be in force and what constitutes the relevant repurchase for each type of arrangement.

• A repo or quasi-repo arrangement applies regardless of whether conditions are attached to any right or obligation to buy securities
• An arrangement runs from the initial sale of securities until either the relevant repurchase occurs or it becomes clear the repurchase will not happen, whichever is earlier
• For creditor repos and creditor quasi-repos, the relevant repurchase is the subsequent sale of securities (or similar/other securities), receipt of an asset from the lender, or discharge of a liability to the lender
• For debtor repos and debtor quasi-repos, the relevant repurchase is the subsequent buying of securities (or similar/other securities), receipt of an asset from the borrower, or discharge of a liability to the borrower