Section 556 | Meaning of securities and similar securities

(1)In this Chapter “securities” (except in the definition of “overseas securities” in section 559) means—

(a)shares, stock or other securities issued by—

(i)the government of the United Kingdom,

(ii)any public or local authority in the United Kingdom, or

(iii)any UK resident company or other UK resident body, or

(b)overseas securities.

(2)For the purposes of this Chapter securities are similar if they entitle their holders to—

(a)the same rights against the same persons as to capital, interest and dividends, and

(b)the same remedies for the enforcement of those rights.

(3)For the purposes of subsection (2) any difference in—

(a)the total nominal amounts of the respective securities,

(b)the form in which they are held, or

(c)the way in which they can be transferred,

is ignored.