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| | ‘(4A) | Subsection (2) does not apply if the relevant UK service relates (to any |
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| | extent) to the provision in the United Kingdom of— |
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| | (a) | a benefit that is treated as deriving from the income by virtue |
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| | (b) | a relevant benefit within the meaning of section 87B of TCGA |
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| | 1992 that is treated as deriving from the chargeable gains by |
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| | virtue of that section.’. |
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| Page 171, line 21 [Schedule 7], at end insert— |
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| | ‘(4A) | The Treasury may by order define those services which qualify as relevant |
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| | (4B) | The power to make an order under this section is exercisable by statutory |
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| | (4C) | A statutory instrument containing an order under subsection (4A) may not be |
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| | made unless a draft of the instrument has been laid before, and approved by a |
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| | resolution of, the House of Commons.’. |
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| Mr Chancellor of the Exchequer |
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| Page 179, line 29 [Schedule 7], leave out ‘sections 809L to 809R’ and insert |
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| Mr Chancellor of the Exchequer |
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| Page 180, line 18 [Schedule 7], leave out ‘sections 809L to 809R’ and insert |
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| Mr Chancellor of the Exchequer |
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| Page 181, line 34 [Schedule 7], leave out from ‘purposes of’ to ‘treat’ in line 35 and |
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| insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis),’. |
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| Page 181, line 35 [Schedule 7], after ‘etc)’, insert— |
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| | (a) | the relevant securities or securities option shall not be treated as brought |
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| | to, or received or used in, the United Kingdom if the securities are, or the |
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| | securities option is, situated in the United Kingdom and cannot be |
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| Mr Chancellor of the Exchequer |
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| Page 182, line 1 [Schedule 7], leave out ‘those sections’ and insert ‘that Chapter’. |
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| Mr Chancellor of the Exchequer |
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| Page 182, line 11 [Schedule 7], at end insert— |
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| | ‘(11) | See Chapter A1 of Part 14 of ITA 2007 for the meaning of “remitted |
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| | to the United Kingdom” etc.’. |
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| Page 183, line 4 [Schedule 7], at end insert— |
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| | ‘(7A) | This section is subject to section 41E (foreign securities income: just and |
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| | reasonable apportionment).’. |
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| Page 184, line 27 [Schedule 7], after ‘if’, insert ‘the relevant period or’. |
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| Page 184 [Schedule 7], leave out lines 30 to 32 and insert— |
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| | ‘(2) | The relevant period or the amount of the securities income that is “foreign” is |
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| | such period or such amount as is just and reasonable (rather than the period |
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| | calculated in accordance with section 41B or the amount calculated in accordance |
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| Mr Chancellor of the Exchequer |
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| Page 188, line 37 [Schedule 7], leave out ‘sections 809L to 809R’ and insert |
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| Mr Chancellor of the Exchequer |
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| Page 191, line 4 [Schedule 7], leave out ‘sections 809L to 809T’ and insert |
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| Mr Chancellor of the Exchequer |
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| Page 191, line 19 [Schedule 7], leave out from ‘in’ to end of line 20 and insert ‘— |
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| | (a) | the relevant tax year, or |
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| | (b) | any subsequent tax year except one in which the individual is |
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| | domiciled in the United Kingdom, |
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| | | are not allowable losses.’. |
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| Page 196, line 5 [Schedule 7], leave out paragraphs 80 to 91 and insert— |
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| | ‘80 | The amendments made by Part 1 of this Schedule shall have effect from the |
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| Page 196, line 37 [Schedule 7], at end insert— |
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| | ‘(2A) | Nothing in section 832 of ITTOIA 2005 (as amended by this Schedule) applies |
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| | in relation to any of an individual’s relevant foreign income that— |
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| | (a) | arose in tax year 2007/08 or any earlier tax year; and |
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| | (b) | has been brought to, or received, or used in, the United Kingdom by or |
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| | for the benefit of any relevant person at any time before 6th April |
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| Mr Chancellor of the Exchequer |
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| Page 197, line 25 [Schedule 7], leave out sub-paragraphs (2) to (4) and insert— |
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| | ‘(2) | If, before 6 April 2008, property (including money) consisting of or deriving |
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| | from an individual’s relevant foreign income was brought to or received or |
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| | used in the United Kingdom by or for the benefit of a relevant person, treat the |
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| | relevant foreign income as not remitted to the United Kingdom on or after that |
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| | date (if it otherwise would be regarded as so remitted). |
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| | (3) | If, before 12 March 2008, property (other than money) consisting of or |
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| | deriving from an individual’s relevant foreign income was acquired by a |
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| | relevant person, treat the relevant foreign income as not remitted to the United |
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| | Kingdom on or after 6 April 2008 (if it otherwise would be regarded as so |
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| Mr Chancellor of the Exchequer |
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| Page 197, line 40 [Schedule 7], leave out ‘to (4)’ and insert ‘and (3)’. |
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| Page 197, line 42 [Schedule 7], at end insert— |
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| | ‘(5A) | Where the qualifying property referred to in condition C of section 809L was |
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| | gifted prior to 6th April 2008 one reads section 809L(4)(a) as follows: “is |
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| | brought to or received in the United Kingdom by a relevant person.”’. |
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| Page 197, line 42 [Schedule 7], at end insert— |
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| | ‘(5A) | Where the qualifying property referred to in condition C of section 809L was |
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| | brought to the UK prior to 6th April 2008 one reads section 809L(4)(a) as |
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| | follows: “is brought to or received in the United Kingdom by a relevant |
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| Mr Chancellor of the Exchequer |
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| Page 197, line 43 [Schedule 7], leave out sub-paragraph (6). |
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| Mr Chancellor of the Exchequer |
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| Page 198, line 28 [Schedule 7], after ‘Kingdom’, insert ‘(“the interest”)’. |
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| Mr Chancellor of the Exchequer |
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| Page 198, line 29 [Schedule 7], leave out ‘was secured on that interest’ and insert ‘, |
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| or of payments made under a guarantee of that repayment (“the guarantee”), was secured |
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| Mr Chancellor of the Exchequer |
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| Page 198, line 35 [Schedule 7], after ‘made’, insert ‘, or any term of the guarantee,’. |
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| Mr Chancellor of the Exchequer |
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| Page 198, line 36 [Schedule 7], leave out paragraphs (b) and (c) and insert— |
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| | ‘(b) | repayment of the debt, or of payments made under the guarantee, |
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| | ceases to be secured on the interest, |
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| | (c) | repayment of any other debt is secured on the interest or is guaranteed |
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| Page 198 [Schedule 7], leave out line 38 and insert ‘or’. |
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| Mr Chancellor of the Exchequer |
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| Page 199 [Schedule 7], leave out line 5. |
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| Page 199, line 6 [Schedule 7], after ‘money’, insert ‘, or directed that the money be |
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| Mr Chancellor of the Exchequer |
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| Page 199, line 8 [Schedule 7], leave out from ‘loan’ to end of line 9 and insert ‘, or |
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| of payments made under a guarantee of that repayment, was secured on the interest,’. |
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| Mr Chancellor of the Exchequer |
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| Page 199, line 14 [Schedule 7], at end insert— |
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| | ‘(6) | In this paragraph “guarantee” includes an indemnity, and “guaranteed” is to be |
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| Mr Chancellor of the Exchequer |
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| Page 199, line 29 [Schedule 7], after ‘gain)’, insert ‘— |
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| Mr Chancellor of the Exchequer |
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| Page 199, line 32 [Schedule 7], at end insert ‘, and |
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| | (b) | after subsection (7) insert— |
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| | “(8) | Nothing in subsection (7) affects the application of this |
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| | section in relation to an offshore income gain treated as |
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| | arising by virtue of section 762(3).”’. |
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| Mr Chancellor of the Exchequer |
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| Page 200, line 30 [Schedule 7], leave out from ‘Kingdom’ to ‘as’ in line 31. |
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| Mr Chancellor of the Exchequer |
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| Page 201, line 18 [Schedule 7], leave out from ‘purposes of’ to end of line 19 and |
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| insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis)—’. |
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| Page 201, line 41 [Schedule 7], leave out paragraph 98. |
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| Mr Chancellor of the Exchequer |
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| Page 203, line 37 [Schedule 7], leave out from ‘purposes of’ to end of line 38 and |
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| insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis)—’. |
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| Page 204, line 10 [Schedule 7], leave out paragraph 105. |
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| Mr Chancellor of the Exchequer |
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| Page 206, line 20 [Schedule 7], leave out from ‘purposes of’ to ‘treat’ in line 21 and |
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| insert ‘Chapter A1 of Part 14 of ITA 2007 (remittance basis),’. |
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| Mr Chancellor of the Exchequer |
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| Page 207, line 25 [Schedule 7], leave out from ‘if’ to ‘transfer’ in line 28 and insert |
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| ‘the trustees of a settlement (“the transferor settlement”)’. |
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| Page 209, line 19 [Schedule 7], leave out paragraph 115. |
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| Mr Chancellor of the Exchequer |
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| Page 212, line 38 [Schedule 7], leave out paragraph 124. |
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| Page 214, line 27 [Schedule 7], at end insert— |
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| | ‘(11A) | For the avoidance of doubt, where after 6th April 2008 a re-organisation has |
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| | taken place which meets the conditions in section 127 of TCGA 1992, the new |
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| | holding (or part of that holding) is a relevant asset if the condition in sub- |
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| | paragraph (10)(b) or the conditions in sub-paragraphs (11)(b) and (c) would be |
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