Provision is made1 for counteracting income tax and corporation tax advantages from transactions in securities2. The income tax provisions apply to a person ('the party')3 where:
(1) the person is a party to a transaction in securities or two or more transactions in securities4;
(2) the circumstances are within the specified category5;
(3) the main purpose, or one of the main purposes, of the transaction in securities, or any of the transactions in securities, is to obtain an income tax advantage; and
(4) the party or any other person obtains an income tax advantage in consequence of the transaction
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