The Income Tax (Trading and Other Income) Act 2005 (Amendments to Chapter 2A of Part 5) Regulations 2019

Amendments to Chapter 2A of Part 5 of ITTOIA 2005

14.—(1) Section 608Z is amended as follows.

(2) Insert in the appropriate places—

““designer tax provisions” means provisions which appear to the Commissioners to be designed to enable persons to exercise significant control over the amount of tax which they pay in respect of UK-derived amounts;”;

““tax advantage” has the meaning given by section 608W(5);”.

(3) Insert in the appropriate place—

““tax”: any reference (however expressed) to tax payable or paid under the laws of a territory outside the United Kingdom is a reference to a tax which—

(a) is charged on income, and

(b) corresponds to income tax or corporation tax;

and for this purpose tax may correspond to income tax or corporation tax even though it is payable under the laws of a province, state or other part of a country or is levied by or on behalf of a municipality or other local body;”.