(1)This section applies where this Part—
(a)ceases to apply to a company by reason of section 129 or 130, and
(b)had applied to the company for a continuous period immediately before cessation of less than ten years.
(2)The Commissioners for Her Majesty’s Revenue and Customs may direct—
(a)that a provision of this Part shall have effect in relation to the company with a specified modification, or
(b)that a provision of an enactment relating to corporation tax shall apply, not apply or apply with modifications in relation to the company.
(3)A direction under subsection (2)(a) may, in particular—
(a)alter the time at which this Part is taken to cease to apply to the company in accordance with section 129 or 130;
(b)disapply or alter the effect of section 119(1) or 124(1)).
(4)A direction under subsection (2)(b) may, in particular, prevent all or a specified part of a loss, deficit or expense from being set off or otherwise used at all or in a specified manner.
(5)A company in respect of which a direction is given under this section may appeal to the Special Commissioners.