Section 261H — Taxation of Chargeable Gains Act 1992: Power to modify section 261G in non-arm's length case

Power to modify section 261G in non-arm's length case 261H 1 The Treasury may by regulations provide for section 261G to apply with modifications if the exception in section 608(2) of ITA 2007 (agreement not at arm's length) would otherwise prevent it from applying.

2 Regulations under this section may make different provision for different cases.

3 Regulations under this section may contain incidental, supplemental, consequential and transitional provision and savings.

4 The incidental, supplemental, and consequential provision may include modifications of section 261F (deemed manufactured payments: effect on repurchase price).

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

6 Accordingly, the power in subsection (1) includes power to provide for any provision of section 261G not to apply in relation to the case mentioned in that subsection.