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Income Tax Act 2007

Section 872: Power to make orders amending Chapter

2635.This section gives the Treasury power to provide that certain investments are or are not relevant investments. It is based on sections 477A(1), (1A) and (2) and 481(6) and 482(12) of ICTA.

2636.As a number of the building society regulations will be enacted, the wide powers provided in section 477A(1) of ICTA have been replaced (in part) with specific order making powers. The order making power in this section takes the place of the power in section 477A(1) of ICTA in relation to building societies. See Changes 126 and 127 in Annex 1.

2637.Subsection (2) allows the Treasury, in the case of deposit-takers, to specify which deposit-takers an order under this section will apply to.

2638.Subsection (4) gives the Treasury power to amend all sections of the Chapter except section 852 (power to disapply section 851).

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