Corporation Tax Act 2010 section 937O

Power to amend this Part in its application to dealers in securities

Section 937O gives the Treasury a regulation-making power to extend the risk transfer scheme rules on scheme losses and profits so that they can also apply to trading losses and profits of companies in banking, insurance, or securities dealing.

• The Treasury may amend the risk transfer scheme rules by statutory order so that the scheme loss and scheme profit provisions apply (with or without modifications) to losses and profits arising in a trade.
• This power is limited to companies carrying on banking, insurance, or a business that consists wholly or partly of dealing in securities — where "securities" includes shares, unit trust rights, and membership interests in companies without share capital.
• Any order made under this power may make different provision for different cases or purposes and may include incidental, consequential, supplementary, or transitional provisions.
• Orders are made by statutory instrument and are subject to the negative parliamentary procedure, meaning they take effect unless Parliament objects.