337U.K.After section 263F insert—
(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),
(d)section 263D (gains accruing to persons paying manufactured dividends), 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 or 263D to apply with modifications is exercisable only so far as the section applies to cases falling within section 607 of ITA 2007 (treatment of price differences under repos).
(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.
(4)Expressions used in this section and in section 613 of ITA 2007 (powers to modify repo provisions: redemption arrangements) have the same meanings in this section as in that section.”