If—
a person ("P") makes arrangements under which P agrees (in whatever terms) to forgo (to any extent) tax relief or a right to tax relief (whenever arising), and
the Treasury designates the arrangements for the purposes of this section,
all relevant enactments are to have effect with such modifications as are necessary or expedient to give effect to the agreement.
The Treasury may not designate arrangements for the purposes of this section unless—
the arrangements have been made with the Treasury, another government department or another public body, and
under the arrangements, or under other arrangements, the Treasury, another government department or another public body—
guarantees or assumes a loss or other liability of P or another person,
insures or indemnifies P or another person against a loss or other liability,
agrees to make a payment to P or another person in respect of a loss or other liability of any person (whether or not the person to whom the payment is to be made), or
gives other financial support or assistance to P or another person (whether in money or otherwise).
If P forgoes (to any extent) tax relief or a right to tax relief under subsection (1)—
no tax relief is to be given to P or any other person by virtue of what is forgone or anything resulting from or representing what is forgone, and
all relevant enactments are to have effect with such modifications as are necessary or expedient to give effect to paragraph (a).
In this section—
"relevant enactments" means—
(a)the Corporation Tax Acts, and
(b)the enactments relating to petroleum revenue tax;
"tax relief" means—
(a)a reduction (by any means) of P's liability to any tax, or
(b)a payable tax credit.
This section has effect in relation to arrangements made on or after 22 April 2009; but that does not prevent subsections (1) and (3) from having effect in relation to times before 22 April 2009.