This section applies if—
Condition A is that the person making the disposal (and no-one else) has the right or obligation under the arrangement to acquire the asset disposed of by that disposal at any subsequent time (whether or not the right or obligation is subject to any conditions).
Condition B is that—
The disposal of the security by the borrower or a person connected with the borrower is to be disregarded for the purposes of this Act.
If, at any time after that disposal, it becomes apparent that—
that person is to be treated for the purposes of this Act as disposing of that asset at that time for a consideration equal to its market value at that time.
Except in a case falling within subsection (4A), any subsequent acquisition by the person making the disposal of the asset disposed of by that disposal is to be disregarded for the purposes of this Act.
In this section—
"the borrower", in relation to a structured finance arrangement, means the person who is the borrower under the arrangement for the purposes of the defining section,
"the defining section" in relation to a structured finance arrangement—
(a)means section 809BZA of ITA 2007 if it is section 809BZB or 809BZC of ITA 2007 that applies in relation to the arrangement, and
(b)means section 758 of CTA 2010 if it is section 759 or 760 of CTA 2010 that applies in relation to the arrangement,
"the lender", in relation to a structured finance arrangement, means the person who is the lender under the arrangement for the purposes of the defining section,
"security" means any such asset as is mentioned in subsection (2)(b) and (c) of the defining section.
For the purposes of this section—