Part VIIU.K. Other property, businesses, investments etc.

Miscellaneous reliefs and exemptionsU.K.

[F1263GPower to modify repo provisions: redemption arrangementsU.K.

(1)The Treasury may by regulations provide for—

(a)section 261F (deemed manufactured payments: effect on repurchase price),

(b)section 261G (price differences under repos: effect on repurchase price),

(c)section 263A (agreements for sale and repurchase of securities),

F2(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or

(e)any of those sections,

to apply with modifications in relation to cases involving redemption arrangements.

(2)The power in subsection (1) to make provision for section 263A F3... to apply with modifications is exercisable only so far as the section applies to [F4any case mentioned in section 263A(1).]

(3)A case involves redemption arrangements if—

(a)arrangements, corresponding to those made in cases where there is a repo, are made by an agreement, or one or more related agreements, in relation to securities that are to be redeemed in the period after their sale,

(b)the securities are UK shares, UK securities or overseas securities, and

(c)the arrangements are such that the seller or a person connected with the seller (instead of being required to repurchase the securities or acquiring an option to do so) is granted rights in respect of the benefits that will result from the redemption.

F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F1S. 263G inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 337 (with Sch. 2)

F2S. 263G(1)(d) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 8(a), 52

F3Words in s. 263G(2) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 8(b), 52

F4Words in s. 263G(2) substituted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 12(a)

F5S. 263G(4) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 12(b)