Part 7Derivative contracts

Chapter 13General and supplementary provisions

Power to amend certain provisions

701Power to amend some provisions

(1)

The Treasury may by order amend—

(a)

Chapter 2 (except sections 578(1), (2) and (4), 585, 587 and 588),

(b)

Chapter 4 (except section 613(4)),

(c)

section 635,

(d)

Chapter 7,

(e)

Chapter 8 (except section 660),

(f)

section 702,

(g)

section 706,

(h)

section 707,

(i)

section 708,

(j)

section 709,

(k)

the definitions in section 710 specified in subsection (2), and

(l)

paragraphs 80 to 94 of Schedule 2.

(2)

The definitions mentioned in subsection (1)(k) are—

  • capital redemption policy,

  • depositary receipt (in relation to shares),

  • designated,

  • intangible fixed asset,

  • shares, and

  • warrant.

(3)

The provision that may be made by an order under this section includes provision—

(a)

adding to or varying the descriptions of contract which are derivative contracts within section 576 (meaning of “derivative contract”) or removing any such description of contract, or

(b)

adding to or varying the descriptions of contract which are excluded under section 589 (contracts excluded because of underlying subject matter: general) or removing any such description of contract.

(4)

The provision that may be made under subsection (3)(b), in relation to contracts which are excluded under section 589, includes provision—

(a)

adding to the provisions which qualify the exclusion of contracts under that section,

(b)

varying any such provision, or

(c)

removing any such provision.

(5)

An order under this section may provide for any of its provisions to have effect in relation to—

(a)

accounting periods ending on or after the day on which the order comes into force (whenever they begin),

(b)

periods of account beginning before the order is made, but not earlier than the beginning of the calendar year in which it is made.

(6)

An order under this section may—

(a)

make different provision for different cases, and

(b)

contain incidental, supplemental, consequential and transitional provision and savings (including provision amending any enactment or any instrument made under an enactment).