The legislation in ITEPA03/S420 (5) excludes from the definition of “securities” the following:
Cheques and other bills of exchange, bankers' drafts and letters of credit (other than bills of exchange accepted by a banker).
Money and statements showing balances on a current, deposit or savings account.
Leases and other dispositions of property and heritable securities.
Rights under contracts of insurance (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) in relation to periods before 2 December 2004.
Options over anything, not just securities. Options are dealt with separately in Chapter 5.
There is a power to amend by statutory instrument the definition of what are and what are not “securities”.
