Explanatory note

These Regulations, which come into force on 3rd September 1990, specify the information which is required to be given to the Commissioners of Inland Revenue (“the Board”) by section 765A(2)(a) of the Income and Corporation Taxes Act 1988 (“the 1988 Act”) within six months of the carrying out of a relevant transaction. A relevant transaction is a movement of capital to which Article 1 of the Directive of the Council of the European Communities of 24th June 1988 for the implementation of Article 67 of the EEC treaty (No.88/361/EEC) applies and which would be unlawful under section 765(1) of the 1988 Act if that Article did not apply to it. The movements of capital in question are those taking place on and after 1st July 1990 between persons resident in member States of the European Community which, if that Article did not apply to them, would require the consent of the Treasury given specially under that section.

These Regulations also prescribe the period within which further particulars required by the Board by notice given under section 765A(2)(b) of the 1988 Act are to be given.

Regulation 1 provides for citation and commencement.

Regulation 2 contains definitions.

Regulation 3 specifies the information relating to relevant transactions and the persons connected with them which is required to be given.

Regulation 4 prescribes the period within which further particulars are to be given as 60 days from the date of the notice requiring them to be given.