Section 658 — Income Tax Act 2007: Powers to modify: supplementary

Powers to modify: supplementary 658 1 Regulations under section 656 or 657 may make different provision for different cases.

2 Regulations under either section may contain incidental, supplemental, consequential and transitional provision and savings.

3 In this section and sections 656 and 657 “ modifications ” includes exceptions and omissions.

4 Accordingly, a power in sections 656 and 657 to provide for a provision to apply with modifications in relation to a particular case includes power to provide for the provision not to apply in relation to that case.

5 Subsections (6) to (10) apply for the purposes of sections 656 and 657 and this section. 6 “ UK shares ” means shares in a UK resident company. 7 “ UK securities ” means securities of—

a the government of the United Kingdom, b a local authority in the United Kingdom, c another public authority in the United Kingdom, or d a UK resident company or other UK resident body.

8 But “ UK securities ” does not include UK shares. 9 “ Overseas securities ” means shares, stock or other securities issued by—

a a government, local authority or other public authority of a territory outside the United Kingdom, or b another non-UK resident body of persons. 10 “ Overseas securities ” includes shares in a non-UK resident company.