Corporation Tax Act 2009 section 559

Minor definitions

Section 559 provides a glossary of key terms used throughout the repos chapter, covering the meaning of advances, arrangements, repo types, liability discharge, and overseas securities and dividends.

• The term "advance" takes its meaning from the specific section defining each type of repo or quasi-repo (creditor or debtor) in which it is used.
• An "arrangement" is defined broadly to include any agreement or understanding, whether or not it is legally enforceable.
• "Discharge" of a liability means settling it either in full or in part.
• "Overseas securities" are shares, stock or other securities issued by a non-UK government, public or local authority, or any other non-UK-resident body, and an "overseas dividend" is any interest, dividend or other annual payment arising on such securities.