Fourteenth Report of Session 2021–22

Author: Select Committee on Statutory Instruments

Date Published: 28 January 2022

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Contents

Instruments not reported

The Committee has considered the instruments set out in the Annex to this Report, none of which was required to be reported.

Annex

Draft Instruments requiring affirmative approval

Draft

Major Sporting Events (Income Tax Exemption) (2022 Birmingham Commonwealth Games) Regulations 2022

Instruments subject to annulment

S.I. 2021/1156

Free Zones (Customs, Excise and Value Added Tax) Regulations 2021

S.I. 2021/12701

Authorised Investment Funds (Tax) (Amendment) Regulations 2021

S.I. 2021/1344

Income Tax (Qualifying Child Care) (Wales) Regulations 2021

S.I. 2021/1385

London Capital and Finance Compensation Scheme (Chargeable Gains Exemption) Regulations 2021

S.I. 2021/1389

Designation of Freeport Tax Sites (Freeport East) Regulations 2021

Appendix

S.I. 2021/1270

Authorised Investment Funds (Tax) (Amendment) Regulations 2021

1. The Committee has asked Her Majesty’s Treasury for a memorandum on the following point:

Explain why regulation 51(1)(b) of S.I. 2006/964 is not amended by regulation 3 of these regulations to include a reference to funds.

2. This memorandum is prepared by Her Majesty’s Revenue and Customs on behalf of the Treasury.

3. Authorised investment funds are a type of collective investment scheme (as defined in section 235 of the Financial Services and Markets Act 2000) so the term “scheme” can properly be used to refer to any type of authorised investment fund (see for example the definition of “scheme property” in regulation 6(2) of S.I. 2006/964). Qualified investor schemes and long-term asset funds are both collective investment schemes.

4. Therefore, it is not necessary to refer to “fund” in regulation 51(1)(b) as the term “scheme” will include both a qualified investor scheme and a long-term asset fund. Although “scheme” in regulation 51(1)(b) originally only applied to qualified investment schemes, the extension to encompass long-term asset funds is implicit from the amendment to regulation 51(1)(a).

Her Majesty’s Revenue and Customs

17 January 2022

Formal minutes

Wednesday 26 January 2022

Members present:

Jessica Morden, in the Chair

Paul Holmes

John Lamont

Richard Thomson

Draft Report, proposed by the Chair, brought up and read.

Ordered, That the draft Report be read a second time, paragraph by paragraph.

Annex agreed to.

A Paper was appended to the Report.

Resolved, That the Report be the Fourteenth Report of the Committee to the House.

Ordered, That the Chair make the Report to the House.

Adjourned till Wednesday 9 February at 2.45 p.m.


Footnotes

1 The Committee asked for a memorandum on this instrument and a satisfactory response was received. The memorandum is printed as an Appendix.