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| | (2) | For this purpose “accounting period” and “controlled foreign company” have |
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| | the same meaning as they have for the purposes of Chapter 4 of Part 17 of |
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| Schedule 17, page 189, line 41, leave out ‘£100’ and insert ‘£1’. |
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| Schedule 17, page 190, line 10, at end insert ‘or’. |
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| Schedule 17, page 190, line 12, leave out from ‘partnership’ to end of line 14. |
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| Schedule 17, page 190, line 33, leave out ‘a’ and insert ‘an event or’. |
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| Schedule 17, page 190, line 34, leave out paragraphs (a) and (b). |
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| Schedule 17, page 191, line 38, at end insert— |
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| | ‘“debenture” does not include a guarantee; |
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| | “transfer” does not include a transfer by way of security.’. |
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| Schedule 17, page 192, line 9, at end insert ‘or six months after the regulations |
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| referred to in paragraph 4(2) are made, whichever is the later’. |
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| Schedule 17, page 192, line 10, after ‘Schedule’, insert ‘(with exception of those |
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| made under paragraph 8(2)(e))’. |
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| Clause 39, page 19, line 14, at end insert ‘and accordingly section 397A shall not |
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| apply in respect of such dividend’. |
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| Clause 39, page 19, leave out lines 15 to 18 and insert— |
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| | ‘(3) | For the purposes of this section and subject to subsections (3A) and (3B) below, |
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| | an offshore fund satisfies the qualifying investments test if, on the last day of each |
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| | quarter of the offshore fund’s relevant period of account, the market value of the |
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| | fund’s qualifying investments does not exceed 60% of the market value of all of |
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| | the assets of the fund (excluding cash awaiting investment). |
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| | (3A) | The offshore fund shall not satisfy the qualifying investments test if it makes any |
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| | arrangements with regard to its investments where the purpose of such |
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| | arrangements is wholly or mainly to satisfy the qualifying investments test on |
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| | such relevant quarter date and where, having regard to the offshore fund’s overall |
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| | investment strategy, the offshore fund would have been unlikely to satisfy the |
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| | qualifying investments test had the test been applied on any other date. |
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| | (3B) | Where any of the investments held by the offshore fund are “qualifying holdings” |
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| | (as defined in section 495 of the CTA 2009), such qualifying holding shall not |
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| | constitute a qualifying investment if the company, scheme or fund which might |
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| | otherwise constitute the qualifying holding has, for the 12 month period |
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| | preceding the date that the dividend is paid, provided written confirmation on a |
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| | quarterly basis to the offshore fund that its investment strategy is to invest in |
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| | assets which the company, scheme or fund anticipates will meet the qualifying |
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| | investments test and it is not aware that this strategy has been breached.’. |
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| Clause 39, page 19, line 23, leave out from ‘means’ to end of line 31 and insert ‘the |
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| accounting period ending prior to payment of the dividend.’. |
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| Clause 39, page 19, line 43, at end insert— |
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| | ‘(3A) | Accordingly, in section 367 of ITTOIA 2005 (priority between Chapters within |
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| | Part 4), in subsection (3)— |
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| | (a) | in paragraph (a), after “dividends)” insert “, 378A (offshore fund |
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| | (b) | in paragraph (b), insert at the end “or Chapter 4 (or both)”.’. |
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| Schedule 19, page 200, line 28, after ‘(6)’, insert ‘, section 378A’. |
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| Schedule 19, page 201, line 2, leave out from ‘fund’ to end of line 3. |
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| Schedule 19, page 202, line 15, leave out from ‘397AA’ to end of line 18. |
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| Schedule 19, page 204, line 14, leave out ‘22’ and insert ‘6’. |
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| Schedule 19, page 204, line 16, leave out ‘22’ and insert ‘6’. |
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| Schedule 19, page 204, line 18, leave out ‘22’ and insert ‘6’. |
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| Schedule 24, page 233, line 16, leave out ‘485B’ and insert ‘486B’. |
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| Schedule 24, page 243, line 9, leave out ‘14’ and insert ‘15’. |
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| Schedule 25, page 247, line 6, after ‘taxed),’ insert— |
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| | ‘(aa) | section 809AZCA (certain annuities),’. |
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| Schedule 25, page 248, line 15, at end insert— |
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| | ‘809AZCA | Exception: certain annuities |
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| | This Chapter does not apply to a transfer of a right to— |
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| | (a) | annual payments under a life annuity as defined in section 473(2) of |
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| | (b) | annual payments under an annuity which is pension income within the |
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| | meaning of Part 9 of ITEPA 2003 (see section 566(2) of that Act).’. |
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| Schedule 25, page 250, line 32, at end insert ‘and |
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| | (i) | in CTA 2009, in Schedule 1, paragraphs 214 and 230.’. |
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| Clause 52, page 24, line 13, leave out ‘£100’ and insert ‘£500’. |
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| Clause 54, page 26, line 6, leave out ‘at or about the same time’ and insert ‘in the |
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| same registration period’. |
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| Clause 67, page 32, line 6, leave out ‘12 January’ and insert ‘1 April’. |
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| Clause 67, page 32, line 7, leave out subsections (3) and (4). |
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| Clause 91, page 45, line 2, leave out ‘aspire’ and insert ‘use all reasonable |
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| Clause 91, page 45, line 3, at end insert ‘and set out the rights and responsibilities |
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| of taxpayers and other persons with whom HMRC deals’. |
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| Clause 91, page 45, line 5, leave out ‘regularly’. |
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| Clause 91, page 45, line 5, after ‘review’, insert ‘at least once every year’. |
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| Clause 91, page 45, line 5, after ‘review’, insert ‘at least once every 3 years’. |
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| Clause 91, page 45, line 5, leave out ‘and’ and insert— |
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| | ‘(b) | consult with stakeholders in carrying out the review, and’. |
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| Schedule 46, page 343, line 20, leave out ‘or officer’. |
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| Clause 93, page 45, line 27, leave out ‘£25,000’ and insert ‘the greater of— |
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| | (ii) | a percentage of the person’s income as determined by an order |
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| Clause 93, page 45, line 30, after ‘deliberate’, insert ‘and concealed’. |
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| Clause 93, page 45, leave out lines 32 to 40. |
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| Clause 93, page 46, line 14, at end insert— |
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| | ‘(5A) | No information may be published without the consent of the Chief Executive of |
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| | Her Majesty’s Revenue and Customs.’. |
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| Clause 93, page 46, line 18, at end insert ‘and |
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| | (c) | inform the person of his right of appeal under subsection (11A) below’. |
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| Clause 93, page 46, line 36, at end insert— |
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| | ‘(11A) | No information may be published until the person has had the opportunity to |
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| | appeal to the First Tier Tribunal for an in-camera hearing against the decision to |
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| | publish details of that person. |
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| | (11B) | The Treasury may by order made by statutory instrument make provision for and |
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| | in connection with appeals to the First Tier Tribunal under subsection (11A).’. |
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| Clause 94, page 47, line 11, leave out subsections (2) to (5). |
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| Clause 94, page 47, line 19, at end insert— |
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| | ‘(3A) | An order under this section may not— |
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| | (a) | remove or weaken a safeguard available to a taxpayer, or |
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| | (b) | increase a penalty or HMRC power.’. |
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| Clause 94, page 47, line 22, leave out ‘annulment in pursuance of a’ and insert ‘an |
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| Schedule 47, page 345, line 35, leave out sub-paragraph (5). |
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| Clause 95, page 48, line 2, leave out subsections (5) to (8). |
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| Clause 95, page 48, line 4, at end insert— |
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| | ‘(5A) | An order under this section may not— |
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| | (c) | remove or weaken a safeguard available to a taxpayer, or |
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| | (d) | increase a penalty or HMRC power.’. |
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| Clause 95, page 48, line 11, leave out ‘annulment in pursuance of a’ and insert ‘an |
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| Schedule 49, page 358, line 50, at end insert— |
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| | ‘(ba) | Revenue and Customs has used all reasonable efforts to ascertain contact |
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| Schedule 49, page 359, line 24, at end insert ‘such period being not less than 30 |
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| days from the date of the notice.’. |
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