Income Tax Act 2007 section 658

Powers to modify: supplementary

Section 658 provides supplementary rules about the regulation-making powers in sections 656 and 657 (which deal with non-standard sale and repurchase arrangements and redemption arrangements respectively) and defines key terms used in those sections.

• Regulations under sections 656 and 657 may make different provision for different cases and may include incidental, supplemental, consequential, transitional provisions and savings
• The term "modifications" includes exceptions and omissions, so the power to modify how a provision applies to a particular case extends to disapplying the provision entirely for that case
• "UK shares" means shares in a UK-resident company; "UK securities" means securities of the UK government, UK local authorities, other UK public authorities, or UK-resident companies or bodies — but excludes UK shares
• "Overseas securities" means shares, stock or other securities issued by a non-UK government, local authority or public authority, or by any other non-UK-resident body of persons, and includes shares in non-UK-resident companies