Taxation of Chargeable Gains Act 1992 section 263H

Sections 263F and 263G: supplementary provisions

Section 263H sets out supplementary rules governing the scope and flexibility of regulations made under the powers in sections 263F and 263G, which allow HMRC to modify the repo (sale and repurchase) provisions for non-standard cases and redemption arrangements.

• Regulations made under sections 263F or 263G may make different provision for different circumstances, allowing tailored treatment of varying repo arrangements.
• Such regulations may include incidental, supplemental, consequential, and transitional provisions, as well as savings, giving HMRC broad flexibility to address practical issues arising from modifications.
• Where regulations modify the rules on price differences under repos, they may also adjust the related rules on deemed manufactured payments; where they modify the main repo provisions, they may adjust wider CGT rules on acquisitions or disposals that would otherwise be ignored.
• The term "modifications" is broadly defined to include exceptions and omissions, meaning that a power to modify a provision includes the power to disapply it entirely in a particular case.