Taxes Consolidation Act 1997 section 753F

Records

Section 753F sets out the record-keeping requirements that qualifying institutions must meet in relation to stock borrowing and repurchase agreement transactions.

• Qualifying institutions must maintain detailed records of each financial transaction for six years from the date of the stock return.
• Records must include party details, the underlying agreement, securities information, transaction dates, and any manufactured payments or fees.
• Where the qualifying institution is an investment undertaking, pension scheme, or a scheme exempt from income tax under section 790B, records must be kept by a person authorised to act on its behalf who habitually does so.
• The record-keeping obligation covers not only the primary transaction but also any associated agreements, arrangements, or transactions.