Corporation Tax Act 2009 section 701

Power to amend some provisions

Section 701 grants the Treasury the power to amend, by order, specified provisions within Part 7 of the Corporation Tax Act 2009, which deals with derivative contracts.

• The Treasury may amend listed chapters, sections and definitions within Part 7, as well as related transitional provisions in Schedule 2, by statutory order
• Amendments can change which contracts qualify as derivative contracts or are excluded from the derivative contracts regime, including adjustments to the underlying subject matter rules
• Orders may apply retrospectively to accounting periods ending on or after the date the order comes into force, or to periods of account beginning no earlier than the start of the calendar year in which the order is made
• Orders may make different provision for different cases and include incidental, supplemental, consequential and transitional provisions, including amendments to other legislation