|
| |
| |
| |
| |
| |
| |
prohibit from national media ownership persons not resident in the United |
| |
Kingdom for tax purposes; and for connected purposes. |
| |
Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and |
| |
consent of the Lords Spiritual and Temporal, and Commons, in this present |
| |
Parliament assembled, and by the authority of the same, as follows:— |
| |
1 | Media owners’ tax status |
| |
(1) | Every parent company of, and each beneficial owner of, a national media outlet |
| |
| |
(a) | be resident for tax purposes in the United Kingdom; and |
| |
(b) | pay taxes on their worldwide income to the Commissioners for Her |
| 5 |
Majesty’s Revenue and Customs without a claim having been made |
| |
under section 809B(1)(c) of the Income Tax Act 2007 (c. 3). |
| |
| |
“beneficial owner” has the meaning given in Regulation 6 of the Money |
| |
Laundering Regulations 2007 (S.I. 2007/2157) except that for the |
| 10 |
purposes of this Act “10%” shall be substituted for “25%”; |
| |
“national media outlet” means a newspaper which is distributed, or a |
| |
radio or television station which broadcasts, over the whole or most of |
| |
| |
“parent company” has the meaning given in the Companies Act 2006 |
| 15 |
| |
| |
(1) | If it appears to the Secretary of State that a parent company or beneficial owner |
| |
is in breach of section 1 the Secretary of State may apply to the court for an |
| |
| 20 |
(2) | Where the court grants an order under subsection (1) the parent company or |
| |
beneficial owner must divest itself of ownership of the national media outlet |
| |
within 2 months of the order being made. |
| |
| |
| |
| |
