# The Finance Act 1995, Section 127(12) (Designated Transactions) Regulations 2003, Note: Explanatory note


(This note is not part of the Regulations)
Section 126 of the Finance Act 1995 (c. 4) imposes obligations in relation to income tax and capital gains tax on the UK representative of a non-resident taxpayer. Section 127 sets out circumstances in which a person is not to be regarded as such a representative.
These Regulations designate some swap contracts as investment transactions for the purposes of section 127. The effect is to extend the exemption for investment managers from the regime imposed under section 126.
Regulation 1 provides for the citation and commencement of the Regulations.
Regulation 2 designates certain swap transactions for the purposes of section 127.

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Source: https://www.legislation.gov.uk/uksi/2003/2172/note (the official version)
Page: https://openlegislation.uk/finance-act-1995-section-12712-designated-transactions-regulations-2003/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.