Part 6Relationships treated as loan relationships etc

Chapter 7Shares with guaranteed returns etc

Non-qualifying shares

533Power to change conditions for non-qualifying shares

(1)

The Treasury may by regulations amend this Chapter so as to add, vary or remove conditions to be met for the purposes of section 526(2) (non-qualifying shares).

(2)

If the Treasury add, vary or remove such a condition, they may also by regulations amend any of the enactments specified in subsection (3) so as to make provision for or in connection with taxation in the case of any asset or transaction which is or was mentioned in the condition.

(3)

The enactments are—

(a)

Part 5,

(b)

this Part,

(c)

Part 7 (derivative contracts),

(d)

Chapters 1 to 3 of Part 6 of ICTA (company distributions), and

(e)

Part 18 of ICTA (double taxation relief).

(4)

Regulations under this section may make—

(a)

different provision for different cases, and

(b)

incidental, supplemental, consequential and transitional provision and savings.

(5)

Regulations made under subsection (4)(b) may, in particular, include provision amending any enactment or any instrument made under an enactment.