Part 15Deduction of income tax at source

Chapter 9Manufactured payments

F1Repos

925DPower to modify repo sections

(1)

The Treasury may by regulations provide for all or any of the provisions of sections 925A to 925F to apply with modifications in relation to—

(a)

cases to which section 925E (non-standard repo cases) applies, or

(b)

cases involving redemption arrangements, or

(c)

both of those cases.

(2)

A case involves redemption arrangements if—

(a)

arrangements, corresponding to those made in cases where a company has a repo, are made in relation to securities that are to be redeemed in the period after their sale, and

(b)

the arrangements are such that a person (instead of having the right or obligation to buy those securities, or similar or other securities, at any subsequent time) has a right or obligation in respect of the benefits which will result from the redemption.

(3)

The regulations may make incidental, supplemental, consequential and transitional provision and savings.

(4)

In this section “modifications” includes exceptions and omissions.

(5)

For the purposes of subsection (2)(a) and section 925E(1), a company has a repo if—

(a)

for the purposes of Chapter 10 of Part 6 of CTA 2009—

(i)

it has a creditor repo (see section 543 of that Act),

(ii)

it has a creditor quasi-repo (see section 544 of that Act),

(iii)

it has a debtor repo (see section 548 of that Act), or

(iv)

it has a debtor quasi-repo (see section 549 of that Act), or

(b)

as a result of section 547 of that Act, the company has a creditor repo for the purposes of section 546 of that Act.