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217 | Unauthorised unit trusts |
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(1) | The Treasury may by regulations make provision about the treatment of the |
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trustees or unit holders of unauthorised unit trusts for the purposes of income |
| |
tax, corporation tax, capital gains tax or stamp duty land tax. |
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(2) | Regulations under this section may— |
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(a) | confer or impose powers or duties on officers of Revenue and Customs |
| |
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(b) | modify any enactment or instrument (whenever passed or made); |
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(c) | specify descriptions of unauthorised unit trust in relation to which the |
| 10 |
regulations are to apply or are not to apply; |
| |
(d) | make different provision for different cases or different purposes; |
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(e) | make incidental, consequential, supplementary and transitional |
| |
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| In paragraph (b) “modify” includes amend, repeal or revoke. |
| 15 |
(3) | The statutory instrument containing the first regulations under this section |
| |
may not be made unless a draft has been laid before and approved by a |
| |
resolution of the House of Commons. |
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(4) | A subsequent statutory instrument containing regulations under this section is |
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subject to annulment in pursuance of a resolution of the House of Commons. |
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(a) | “unauthorised unit trust” means a unit trust scheme which is neither an |
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authorised unit trust nor an umbrella scheme, |
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(b) | “unit trust scheme” has the meaning given by section 237 of the |
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Financial Services and Markets Act 2000, and |
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(c) | “authorised unit trust”, “umbrella scheme” and “unit holder” have the |
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same meaning as in Chapter 2 of Part 13 of CTA 2010 (authorised |
| |
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218 | Statutory residence test |
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(1) | Schedule 45 contains— |
| |
(a) | provision for determining whether individuals are resident in the |
| |
United Kingdom for the purposes of income tax, capital gains tax and |
| |
(where relevant) inheritance tax and corporation tax, |
| |
(b) | provision about split years, and |
| 35 |
(c) | provision about periods when individuals are temporarily non- |
| |
| |
(2) | The Treasury may by order make any incidental, supplemental, consequential, |
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transitional or saving provision in consequence of Schedule 45. |
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(3) | An order under subsection (2) may— |
| 40 |
(a) | make different provision for different purposes, and |
| |
(b) | make provision amending, repealing or revoking any provision made |
| |
by or under an Act (whenever passed or made). |
| |
| |
| |
|
| |
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(4) | An order under subsection (2) is to be made by statutory instrument. |
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(5) | A statutory instrument containing an order under subsection (2) is subject to |
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annulment in pursuance of a resolution of the House of Commons. |
| |
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(1) | Schedule 46 contains provision removing or replacing rules relating to |
| 5 |
| |
(2) | The Treasury may by order make further provision removing or replacing |
| |
rules relating to ordinary residence with respect to— |
| |
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(b) | capital gains tax, and |
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(c) | (so far as the ordinary residence status of individuals is relevant to |
| |
them) inheritance tax and corporation tax. |
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(3) | An order under subsection (2) may take effect from the start of the tax year in |
| |
| |
(4) | The Treasury may by order make any incidental, supplemental, consequential, |
| 15 |
transitional or saving provision in consequence of Schedule 46 or in |
| |
consequence of any further provision made under subsection (2). |
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(5) | An order under this section may— |
| |
(a) | make different provision for different purposes, and |
| |
(b) | make provision amending, repealing or revoking any provision made |
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by or under an Act (whenever passed or made). |
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(6) | An order under this section is to be made by statutory instrument. |
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(7) | A statutory instrument containing an order under subsection (2) (whether |
| |
alone or with other provisions) may not be made unless a draft of the |
| |
instrument has been laid before, and approved by a resolution of, the House of |
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(8) | Subject to subsection (7), a statutory instrument containing an order under this |
| |
section is subject to annulment in pursuance of a resolution of the House of |
| |
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220 | Controlled foreign companies etc |
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Schedule 47 makes provision in relation to CFCs etc. |
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221 | Agreement between UK and Switzerland |
| |
(1) | In Schedule 36 to FA 2012 (agreement between UK and Switzerland), after |
| |
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“Transfers to HMRC under Agreement |
| |
26A (1) | Income or chargeable gains of a person are to be treated as not |
| |
remitted to the United Kingdom if conditions A to D are met. |
| |
| |
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|
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(2) | Condition A is that (but for sub-paragraph (1)) the income or gains |
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would be regarded as remitted to the United Kingdom by virtue of |
| |
the bringing of money to the United Kingdom. |
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(3) | Condition B is that the money is brought to the United Kingdom |
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pursuant to a transfer made to HMRC in accordance with the |
| 5 |
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(4) | Condition C (which applies only if the money brought to the United |
| |
Kingdom is a sum levied under Article 19(2)(b)) is that the sum was |
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levied within the period of 45 days beginning with the day on which |
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the amount derived from the income or gain in question was |
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remitted as mentioned in Article 19(2)(b). |
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(5) | Condition D is that the transfer is made in relation to a tax year in |
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which section 809B, 809D or 809E of ITA 2007 (application of |
| |
remittance basis) applies to the person. |
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(6) | Sub-paragraph (1) does not apply in relation to money brought to the |
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United Kingdom if or to the extent that— |
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(a) | paragraph 18(2), or section 138(4)(a) or 140(5)(a) of TIOPA |
| |
2010, is applied in relation to it (set-off against other tax |
| |
| |
(b) | it is repaid or refunded by HMRC. |
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26B (1) | This paragraph applies if— |
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(a) | but for paragraph 26A(1), income or chargeable gains would |
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have been regarded as remitted to the United Kingdom by |
| |
virtue of the bringing of money to the United Kingdom, and |
| |
(b) | section 809Q of ITA 2007 (transfers from mixed funds) would |
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have applied in determining the amount that would have |
| |
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(2) | The bringing of the money to the United Kingdom counts as an |
| |
offshore transfer for the purposes of section 809R(4) of ITA 2007 |
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(composition of mixed fund).” |
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(2) | The amendment made by this section is to be treated as having come into force |
| |
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222 | International agreements to improve tax compliance |
| |
(1) | The Treasury may make regulations for, or in connection with, giving effect to |
| |
or enabling effect to be given to— |
| 35 |
(a) | the agreement reached between the Government of the United |
| |
Kingdom and the Government of the United States of America to |
| |
improve international tax compliance and to implement FATCA, |
| |
signed on 12 September 2012; |
| |
(b) | any agreement modifying or supplementing that agreement; |
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(c) | any other agreement between the Government of the United Kingdom |
| |
and the government of another territory which makes provision |
| |
corresponding, or substantially similar, to that made by an agreement |
| |
within paragraph (a) or (b); |
| |
(d) | any arrangements for the exchange of tax information in relation to the |
| 45 |
United Kingdom and any other territory which make provision |
| |
| |
| |
|
| |
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corresponding, or substantially similar, to that made by an agreement |
| |
within paragraph (a) or (b). |
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(2) | Regulations under this section may in particular— |
| |
(a) | authorise HMRC to require persons specified for the purposes of this |
| |
paragraph (“relevant financial entities”) to provide HMRC with |
| 5 |
information of specified descriptions; |
| |
(b) | require that information to be provided at such times and in such form |
| |
and manner as may be specified; |
| |
(c) | impose obligations on relevant financial entities (including obligations |
| |
to obtain from specified persons details of their place of residence for |
| 10 |
| |
(d) | make provision (including provision imposing penalties) about |
| |
contravention of, or non-compliance with, the regulations; |
| |
(e) | make provision about appeals in relation to the imposition of any |
| |
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(3) | Regulations under this section may— |
| |
(a) | provide that a reference in the regulations to an agreement or |
| |
arrangements to which subsection (1) refers, or a provision of such an |
| |
agreement or arrangements, is to be construed as a reference to the |
| |
agreement or arrangements, or provision, as amended from time to |
| 20 |
| |
(b) | make different provision in relation to different periods of time; |
| |
(c) | make different provision for different cases or circumstances; |
| |
(d) | contain incidental, supplemental, transitional, transitory or saving |
| |
provision (including provision amending any enactment). |
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“FATCA” means the provisions commonly known as the Foreign Account |
| |
Tax Compliance Act in the enactment of the United States of America |
| |
called the Hiring Incentives to Restore Employment Act; |
| |
“HMRC” means Her Majesty’s Revenue and Customs; |
| 30 |
“specified” means specified in regulations under this section. |
| |
(5) | The power conferred by this section is without prejudice to any other powers |
| |
conferred by or under any enactment. |
| |
(6) | The power of the Treasury to make regulations under this section is exercisable |
| |
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(7) | Any statutory instrument containing regulations under this section is subject |
| |
to annulment in pursuance of a resolution of the House of Commons. |
| |
| |
223 | Disclosure of tax avoidance schemes |
| |
(1) | Part 7 of FA 2004 (disclosure of tax avoidance schemes) is amended in |
| 40 |
accordance with subsections (2) and (3). |
| |
| |
| |
|
| |
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(2) | After section 312A insert— |
| |
“312B | Duty of client to provide information to promoter |
| |
(1) | This section applies where a person who is a promoter in relation to |
| |
notifiable arrangements has provided a person (“the client”) with the |
| |
information prescribed under section 312(2) (duty of promoter to notify |
| 5 |
client of reference number). |
| |
(2) | The client must, within the prescribed period, provide the promoter |
| |
with prescribed information relating to the client. |
| |
(3) | The duty under subsection (2) is subject to any exceptions that may be |
| |
| 10 |
(3) | After section 313ZA insert— |
| |
“313ZB | Enquiry following disclosure of client details |
| |
(1) | This section applies where— |
| |
(a) | a person who is a promoter in relation to notifiable |
| |
arrangements has provided HMRC with information in relation |
| 15 |
to a person (“the client”) under section 313ZA(3) (duty to |
| |
provide client details), and |
| |
(b) | HMRC suspect that a person other than the client is or is likely |
| |
to be a party to the arrangements. |
| |
(2) | HMRC may by written notice require the promoter to provide |
| 20 |
prescribed information in relation to any person other than the client |
| |
who the promoter might reasonably be expected to know is or is likely |
| |
to be a party to the arrangements. |
| |
(3) | The promoter must comply with a requirement under or by virtue of |
| |
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(a) | the prescribed period, or |
| |
(b) | such longer period as HMRC may direct.” |
| |
(4) | In section 98C(2) of TMA 1970 (notification under Part 7 of FA 2004)— |
| |
(a) | after paragraph (da) insert— |
| |
“(daa) | section 312B (duty of client to provide information to |
| 30 |
| |
(b) | after paragraph (db) insert— |
| |
“(dc) | section 313ZB (enquiry following disclosure of client |
| |
| |
| 35 |
224 | Powers under Proceeds of Crime Act 2002 |
| |
Schedule 48 makes provision for, and in connection with, conferring powers |
| |
under Chapter 3 of Part 5 and Chapters 2 and 3 of Part 8 of the Proceeds of |
| |
Crime Act 2002 on officers of Revenue and Customs. |
| |
| |
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