Corporation Tax Act 2010 section 269ZQ

Power to amend

Section 269ZQ gives the Treasury the power to amend, by regulation, specific provisions relating to the exclusion of shock losses from corporation tax loss restriction rules, where changes to financial regulation make this necessary.

• The Treasury may amend the shock loss exclusion rules (sections 269ZJ to 269ZP of CTA 2010) and the related BLAGAB insurance provisions (sections 124A to 124C of FA 2012) by statutory instrument
• This power may only be exercised in consequence of changes to the PRA Rulebook, the FCA Handbook, or regulatory requirements imposed by EU legislation or any Act of Parliament
• Any regulations made under this power may include transitional provisions to manage the shift from old rules to new
• The PRA Rulebook and FCA Handbook are both made under the Financial Services and Markets Act 2000 and are treated as living documents that evolve over time