Corporation Tax Act 2009 section 554

Power to modify this Chapter

Section 554 gives the Treasury the power to make regulations that modify the repo rules in this Chapter to deal with non-standard repo transactions and redemption arrangements.

• The Treasury may, by regulation, modify any or all provisions of the repo Chapter to cover non-standard repos, redemption arrangements, or both
• Redemption arrangements arise where arrangements similar to a repo are made for securities due to be redeemed, and the person holds rights or obligations relating to the benefits of that redemption rather than a right to repurchase the securities
• The regulations may make different provision for different cases and may include incidental, supplemental, consequential, and transitional provisions and savings
• For these purposes, "modifications" includes exceptions and omissions, and "repo" covers debtor repos, debtor quasi-repos, creditor repos, and creditor quasi-repos