Section 554 — Corporation Tax Act 2009: Power to modify this Chapter

Power to modify this Chapter 554 1 The Treasury may by regulations provide for all or any of the provisions of this Chapter to apply with modifications in relation to—

a cases where section 555 (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—

a different provision for different cases, and b incidental, supplemental, consequential and transitional provision and savings.

4 In this section and section 555— “modifications” include exceptions and omissions, and “ repo ” means—

a debtor repo or debtor quasi-repo, or a creditor repo or creditor quasi-repo (including anything treated, as a result of section 547, as a creditor repo for the purposes of section 546).