CFM17556 - Repos: FA 2007 rules for companies: regulation-making powers

This guidance describes the corporation tax treatment of sale and repurchase arrangements (“repos”) where the initial sale of securities takes place on or after 1 October 2007

Regulation-making powers (Paragraph 15 Schedule 13 FA 2007)

Paragraph 15 contains powers to modify some of the provisions of the Schedule to deal with non-standard repos or cases involving the redemption of securities. It corresponds to section 737E of ICTA88 in the previous rules, which is repealed for arrangements coming into force on or after 1 October 2007 (see CFM17500).

The Sale and Repurchase of Securities (Modification of Schedule 13 to the Finance Act 2007) Regulations 2007 (SI 2007/2485) deals with non-standard repos involving the substitution of securities, and with repos involving the redemption of securities. It was introduced using the powers in paragraph 15. See CFM17558.