In order that there should always be sufficient stock available in the financial markets, there are long-established and well-regulated arrangements under which institutions like insurance companies, banks and pension funds lend securities to dealers who are market makers.

Disposals and acquisitions made under ‘stock lending arrangements’ are disregarded for chargeable gains purposes (before July 1997 only in so far as they satisfied various regulatory criteria) (TCGA 1992, s. 263B(2)).

‘Stock lending arrangements’ mean arrangements between two persons (‘the borrower’ and ‘the lender’) under which:

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