Speed Read: The transactions in securities legislation has been substantially amended by FA 2010, with further changes to come. For corporation tax payers, the only change is the repeal of Circumstance A. For income tax payers, the four Circumstances are replaced by a single test that is almost identical in scope to the old Circumstances D and E. And the legislation has a number of negative filters that take taxpayers outside the test: the main purpose test, the close company test, the fundamental change of ownership test and the measure of the income tax advantage.