Income Tax Act 2007 section 612

Non-standard repo cases

Section 612 provides a power to make regulations that deal with certain non-standard repurchase agreement (repo) cases that fall outside the standard repo rules.

• The section grants the power to create regulations covering non-standard repo arrangements — those that do not fit neatly within the main repo tax rules.
• Non-standard repos may include arrangements where the terms differ from typical sale and repurchase agreements, requiring bespoke tax treatment.
• Regulations made under this power can address how income tax applies to these non-standard cases, ensuring appropriate taxation of the parties involved.
• This provision originates from section 737E(1), (8) and (9) of the Income and Corporation Taxes Act 1988 and was amended by Finance Act 2013.