Section 925D — Income Tax Act 2007: Power to modify repo sections

Power to modify repo sections 925D 1 The Treasury may by regulations provide for all or any of the provisions of sections 925A to 925F to apply with modifications in relation to—

a cases to which section 925E (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 incidental, supplemental, consequential and transitional provision and savings.

4 In this section “ modifications ” includes exceptions and omissions.

5 For the purposes of subsection (2)(a) and section 925E(1), a company has a repo if—

a for the purposes of Chapter 10 of Part 6 of CTA 2009—

i it has a creditor repo (see section 543 of that Act),

ii it has a creditor quasi-repo (see section 544 of that Act), iii it has a debtor repo (see section 548 of that Act), or iv it has a debtor quasi-repo (see section 549 of that Act), or b as a result of section 547 of that Act, the company has a creditor repo for the purposes of section 546 of that Act.