119(1)  The Treasury may by regulations make provision excluding from the definition of “chargeable securities” in Part IV of the Finance Act 1986 such rights in or in relation to securities as, in accordance with the regulations, are to be treated as exempt UK depositary interests in foreign securities.

119(2)  Subject to subsection (3), the regulations may–

(a)define “depositary interest”, “UK depositary interest” and “foreign securities” for this purpose; and

(b)exempt such descriptions of UK depositary interests in foreign securities (as so defined) as may from time to time be specified in the regulations.

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