Section 938I | Schemes involving repos or quasi-repos

(1)This section applies where—

(a)a scheme includes an arrangement under which a member of the scheme group has a debtor repo or a debtor quasi-repo, and

(b)the advance under that arrangement is received, directly or indirectly, from a member of the scheme group.

(2)References in this Part to amounts brought into account, or not brought into account, as debits or credits for the purposes of Part 5 of CTA 2009 include amounts brought into account, or not brought into account, for the purposes of any other provision so far as it applies the charge to corporation tax on income to the repayment of the advance.

(3)Sections 548 and 549 of CTA 2009 (meaning of debtor repo and debtor quasi-repo) apply for the purposes of this section.

(4)For the purposes of subsection (2) “ the repayment of the advance ” means the consideration given on the purchase of securities mentioned in condition D in section 548 or 549 of CTA 2009.