S44 Finance Act 2003
Section 44 Finance Act 2003: Tackling Tax Avoidance Through Sale and Repurchase Agreements
Section 44 of the Finance Act 2003 represents a significant piece of UK tax legislation designed to counter perceived tax avoidance strategies involving sale and repurchase agreements, often referred to as repos. These arrangements, legitimate in many financial contexts, were being exploited by some taxpayers to generate artificial tax losses and defer tax liabilities.