Section 701 — Corporation Tax Act 2009: Power to amend some provisions

Power to amend some provisions 701 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).