
1 
These Regulations may be cited as the Income Tax (Stock Lending) (Amendment) Regulations 1996 and shall come into force on 28th May 1996.
2 
In these Regulations “the principal Regulations” means the Income Tax (Stock Lending) Regulations 1989 and “regulation” means a regulation of the principal Regulations.
3 
In regulation 2(1)—
(a) the definitions of “gilt-edged securities”, “other United Kingdom securities” and “overseas securities” shall be omitted;
(b) for the definition of “United Kingdom equity securities” there shall be substituted the following definition—“
 “United Kingdom equity securities” means shares issued by a company which—
(a) have been admitted to the Official List of the Stock Exchange, or are permitted to be dealt in on the Unlisted Securities Market or Alternative Investment Market of the Stock Exchange, or
(b) where the company issuing the shares is not resident in the United Kingdom, are registered in a register kept in the United Kingdom by or on behalf of that company,and, except where comprised in an arrangement falling within regulation 4(1)(b), includes depository receipts for such shares.”
4 
In regulation 2(2) the words “or stock”, wherever occurring, shall be omitted.
5 
In regulation 3B(a) for the words from “under which” to “gilt-edged securities” there shall be substituted “for the transfer of securities other than United Kingdom equity securities”.
6 
For regulation 4 there shall be substituted the following regulation—“
4 

(1) Neither subsection (3) nor section 271(9) shall apply to a transfer, or a disposal and acquisition, made in pursuance of an arrangement mentioned in subsection (1) or (2) unless—
(a) in relation to an arrangement under which the securities to be transferred are United Kingdom equity securities, not being an arrangement falling within sub-paragraph (b) below, the conditions specified in regulation 6 are fulfilled, or
(b) in relation to an arrangement under which United Kingdom equity securities are to be transferred to a member, the conditions specified in regulation 6A are fulfilled.
(2) Neither subsection (3) nor section 271(9) shall apply to a transfer, or a disposal and acquisition, made in pursuance of an arrangement mentioned in paragraph (a) of subsection (2A), unless the securities to be transferred are securities other than United Kingdom equity securities.”
7 
Regulations 6(2), 7 and 8 shall be omitted.
Simon Burns
Michael Bates
Two of the Lords Commissioners of Her Majesty’s Treasury
7th May 1996