Corporation Tax Act 2009 section 556

Meaning of securities and similar securities

Section 556 defines what counts as "securities" and when two securities are treated as "similar" for the purposes of the repo rules in this chapter.

• Securities include shares, stock or other securities issued by the UK government, UK public or local authorities, UK resident companies or other UK resident bodies, as well as overseas securities
• The definition of "securities" in this section does not apply to the separate definition of "overseas securities" found in section 559
• Two securities are treated as similar if they confer the same rights against the same persons regarding capital, interest and dividends, and the same remedies for enforcing those rights
• Differences in total nominal amount, the form in which the securities are held, or the way they can be transferred are disregarded when deciding whether securities are similar