(1)The Treasury may make regulations about the application of this Part to a company if a requirement in section 106(5) or (6), 107 or 108 is not satisfied (whether generally or in respect of an accounting period).
(2)A company which gave a notice under section 109 shall notify the Commissioners for Her Majesty's Revenue and Customs as soon as reasonably practicable if a requirement in section 106(5) or (6), 107 or 108 ceases to be satisfied in relation to the company.
(3)The regulations may, in particular—
(a)provide for this Part to cease to apply to a company at a time specified by or determined in accordance with the regulations (which may be before the breach of a requirement);
(b)provide for this Part to continue to apply to a company with specified modifications;
(c)provide for sums to be charged to tax, or otherwise treated, in accordance with the regulations;
[F1(ca)make provision under paragraph (c) either by specifying a sum that arises in relation to a company or by providing for a sum to be treated as arising in relation to a company;]
(d)make provision by reference to the extent of a failure to satisfy a requirement;
(e)make provision by reference to the number of requirements not satisfied;
(f)limit the number of occasions on which a provision of the regulations may be relied upon by a company in respect of a specified period;
(g)include other provision for preventing tax avoidance;
(h)confer a discretion on the Commissioners.
[F2(3A)The regulations may make provision about, or by reference to, anything done by or in relation to a company or any sum arising or treated as arising—
(a)after the commencement of the regulations, or
(b)in the calendar year during which the regulations are made.]
(4)This section is subject to section 129.
Textual Amendments
F1S. 116(3)(ca) inserted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 7(a)
F2S. 116(3A) inserted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 7(b)