656 Power to modify: non-standard sale and repurchase arrangements
Income Tax Act 2007 (2007 c 3) | Legislation

656  Power to modify: non-standard sale and repurchase arrangements

(1)     The Treasury may by regulations provide for section 655 to apply with modifications in relation to cases involving non-standard sale and repurchase arrangements.

(2)     A case involves a non-standard sale and repurchase arrangement if—

(a)     there is a sale and repurchase arrangement in respect of securities,

(b)     T makes a sale of the securities under the agreement to sell them (“the original sale”),

(c)     the securities are UK shares, UK securities or

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