Related Commentary  

97C(1)  This section applies where arrangements are made in accordance with which chargeable securities are–

(a)issued to an EU system, and

(b)subsequently transferred from an EU system to a non-EU system.

97C(2)  Nothing in section 95(1), 97(1) or 97B(1) disapplies a charge to tax under section 93 or 96 in respect of that transfer if–

(a)the chargeable securities have not previously been transferred, or

(b)where they have previously been transferred, the transfer (or, if more than one, each of them) was an exempt transfer.

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