753F Records

Summary

This section sets out the records that a qualifying institution is required to maintain when undertaking a financial transaction.

Details

(1) Records pursuant to a financial transaction must be kept for a period of 6 years from the date of the stock return. Such records include, but are not limited to-

• the name and address of both parties to the financial transaction,
• the agreement underlying the financial transaction and any documentation in respect of any associated agreements, arrangements or transactions,
• the type, nominal value, description, and amount of the qualifying securities (including any equivalent stock thereof) involved in the financial transaction,
• the date of the stock borrowing or stock transfer and the date of the corresponding stock return,
• details of any manufactured payments arising as a result of the financial transaction,
• details of any interest rate or rate of return applicable to the financial transaction, and
• details of the fees, profits, margins or other financial gain accruing, charged or expected to arise as a result of the financial transaction.

(2) Where a qualifying institution is-

• an investment undertaking,
• pension scheme, or
• a scheme, the income of which, in whole or in part, is exempt from income tax under section 790B,

any records required to be maintained shall be maintained by a person who-

1. is authorised to act on behalf of, or for the purposes of, the qualifying institution and
2. habitually does so.

Relevant Date: Finance Act 2019