Paragraph 9 TaxationI1

England, Wales and Scotland

(1)

The Treasury may by regulations make provision varying the way in which a relevant tax has effect in relation to—

(a)

anything transferred, acquired or disposed of under a transfer scheme, or

(b)

anything done for the purposes of, or in relation to, a transfer under a transfer scheme.

(2)

The provision that may be made under sub-paragraph (1)(a) includes, in particular, provision for—

(a)

a tax provision not to apply, or to apply with modifications, in relation to anything transferred;

(b)

anything transferred to be treated in a specified way for the purposes of a tax provision;

(c)

the Secretary of State to be required or permitted to determine, or to specify the method for determining, anything that needs to be determined for the purposes of any tax provision so far as relating to anything transferred.

(3)

The provision that may be made under sub-paragraph (1)(b) includes, in particular, provision for—

(a)

a tax provision not to apply, or to apply with modifications, in relation to anything done for the purposes of, or in relation to, the transfer;

(b)

anything done for the purposes of, or in relation to, the transfer to have or not have a specified consequence or be treated in a specified way;

(c)

(4)

A statutory instrument containing regulations under this paragraph is subject to annulment in pursuance of a resolution of the House of Commons.

(5)

In this paragraph—

“relevant tax” means income tax, corporation tax, capital gains tax, stamp duty, stamp duty reserve tax, stamp duty land tax or value added tax;
“tax provision” means any provision—
1. (a)
  about a relevant tax, and
2. (b)
  made by an enactment.

Annotations

Commencement

I1: Sch. 9 para. 9 in force at Royal Assent, see s. 334(2)(h)(ii)