- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/10/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 05/10/2020.
Finance Act 2009, SCHEDULE 17 is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Section 37
1U.K.In ICTA, omit—
(a)section 765 (prior Treasury consent required for certain transactions involving movement of capital outside Europe),
(b)section 765A (HMRC to be given information about certain transactions involving movement of capital within Europe),
(c)section 766 (offence of failure to comply with section 765), and
(d)section 767 (interpretation).
2U.K.In section 98 of TMA 1970 (special returns etc)—
(a)omit subsection (5),
(b)in the first column of the Table, omit “section 765A(2)(b);”, and
(c)in the second column of the Table, omit “section 765A(2)(a);”.
3U.K.In consequence of the amendments made by paragraphs 1 and 2, omit—
(a)in FA 1988, section 105(6), and
(b)in FA 1990, section 68(1), (2) and (3)(b) to (d).
4(1)If a UK corporate parent is a reporting body at the time a reportable event takes place or a reportable transaction is carried out, it must, within 6 months of that time, make a report to an officer of Revenue and Customs.U.K.
(2)The report must contain such information relating to the event or transaction, or persons connected with the event or transaction, as is specified in regulations made by the Commissioners.
(3)The purpose of the report is to enable the Commissioners to consider whether the event or transaction results, directly or indirectly, in an advantage for any person in respect of corporation tax or any other tax or duty.
(4)In this Schedule “the Commissioners” means the Commissioners for Her Majesty's Revenue and Customs.
5(1)For the purposes of this Schedule a body corporate (“body A”) is a reporting body at any time if, at that time—U.K.
(a)it is a UK corporate parent, and
(b)condition A, B, C or D is met.
(2)Condition A is that body A is not controlled by a body corporate resident outside the United Kingdom.
(3)Condition B is that—
(a)body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”), and
(b)no other relevant UK body corporate is controlled by the foreign parent.
(4)Condition C is that —
(a)body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”),
(b)one or more other UK corporate parents are controlled by the foreign parent, and
(c)body A is not a party to an arrangement under paragraph 6.
(5)Condition D is that—
(a)body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”),
(b)one or more other UK corporate parents are controlled by the foreign parent, and
(c)body A is a party to an arrangement under paragraph 6 and is the nominated reporting body under that arrangement.
6(1)Sub-paragraph (2) applies where—U.K.
(a)a UK corporate parent is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”), and
(b)one or more other UK corporate parents are controlled by the foreign parent.
(2)Two or more of the UK corporate parents controlled by the foreign parent may enter into an arrangement under which one of their number (“the nominated reporting body”) is nominated to exercise, on behalf of all of them, the functions conferred under this Schedule on a reporting body.
(3)A party to an arrangement under this paragraph may withdraw from the arrangement.
(4)The Commissioners may by regulations make provision about entering into and withdrawing from an arrangement under this paragraph.
(5)Regulations under sub-paragraph (4) may, in particular, include provision—
(a)as to the form and manner in which bodies may enter into, or a body may withdraw from, an arrangement,
(b)requiring a person to give information to HMRC in connection with entering into or withdrawing from an arrangement, and
(c)as to circumstances in which a body is to be treated as having withdrawn from an arrangement.
7U.K.In this Schedule “UK corporate parent” means a body corporate that—
(a)is resident in the United Kingdom,
(b)controls one or more bodies corporate that are not resident in the United Kingdom, and
(c)is not controlled by—
(i)a body corporate that is resident in the United Kingdom, or
(ii)two or more bodies corporate taken together each of which is resident in the United Kingdom.
8(1)For the purposes of this Schedule an event or transaction is “reportable”, in relation to a reporting body, if—U.K.
(a)it is of a value exceeding £100 million,
(b)it is within sub-paragraph (2), and
(c)it is not an excluded transaction (see paragraph 9).
(2)An event or transaction is within this sub-paragraph if—
(a)it is an issue of shares or debentures by a foreign subsidiary,
(b)it is a transfer by the reporting body, or a transfer caused or permitted by the reporting body, of shares or debentures of a foreign subsidiary in which the reporting body has an interest,
(c)where the reporting body is a party to an arrangement under paragraph 6, it is a transfer by another party to the arrangement, or a transfer caused or permitted by such a party, of shares or debentures of a foreign subsidiary in which that party has an interest,
(d)it results in a foreign subsidiary becoming, or ceasing to be, a controlling partner in a partnership, or
(e)it is of a description specified in regulations made by the Commissioners.
(3)For the purposes of sub-paragraph (2)(d) a foreign subsidiary is a “controlling partner” in a partnership if, whether alone or taken together with one or more other partners that are subsidiaries, it controls the partnership.
(4)The Commissioners may by regulations make provision about how the value of an event or transaction is to be determined for the purposes of this paragraph.
(5)Regulations under sub-paragraph (4) may, in particular, in the case of a transaction that is one of a series of transactions, include provision attributing to the transaction the value of other transactions in the series.
(6)Regulations under this paragraph may—
(a)make provision by reference to standards or other documents issued by any person, or
(b)make different provision for different cases or purposes.
(7)The Commissioners may by order amend sub-paragraph (1)(a) so as to substitute a higher amount for the amount for the time being mentioned there.
9(1)For the purposes of this Schedule a transaction is “excluded” if—U.K.
(a)it is carried out in the ordinary course of a trade,
(b)all the parties to the transaction are, at the time the transaction is carried out, resident in the same territory,
(c)it consists in giving to the bankers of a foreign subsidiary any security for the payment of any sum due or to become due from it to them by reason of any transaction entered into with it by them in the ordinary course of their business as bankers,
(d)it consists in a foreign subsidiary giving to an insurance company any security for the payment of any sum due or to become due from that subsidiary to that company by reason of any transaction entered into with that subsidiary by that company in the ordinary course of that company's business by way of investment of its funds, or
(e)it is of a description specified in regulations made by the Commissioners.
(2)Regulations under sub-paragraph (1)(e)—
(a)may make provision by reference to standards or other documents issued by any person, and
(b)may make different provision for different cases or purposes.
10U.K.In section 98 of TMA 1970 (special returns etc), in the second column of the Table, insert at the end “paragraph 4 of Schedule 17 to FA 2009.”
11(1)Regulations and orders under this Schedule are to be made by statutory instrument.U.K.
(2)A statutory instrument containing regulations or an order under this Schedule is subject to annulment in pursuance of a resolution of the House of Commons.
12(1)For the purposes of this Schedule “control”, in relation to a body corporate, means the power of a person to secure—U.K.
(a)by means of the holding of shares or the possession of voting power in or in relation to the body or any other body corporate, or
(b)by virtue of any powers conferred by the articles of association or other document regulating the body or any other body corporate,
that the affairs of the body are conducted in accordance with that person's wishes.
(2)Where two or more persons, taken together, have the power mentioned in sub-paragraph (1), they are taken for the purposes of this Schedule to control the body corporate.
(3)For the purposes of this Schedule “control” in relation to a partnership, means the right to a share of more than 50% of the assets, or of more than 50% of the income, of the partnership.
(4)In this Schedule—
“foreign” means resident outside the United Kingdom;
“partnership” includes an entity established under the law of a country or territory outside the United Kingdom of a similar character to a partnership, and “partner” is to be read accordingly;
“subsidiary”, in relation to a reporting body, means a body corporate that is controlled by—
the reporting body, or
where the reporting body is a party to an arrangement under paragraph 6, any party to the arrangement.
(5)[F1Section 150 of TIOPA 2010] (meaning of “transaction” and “series of transactions”) applies for the purposes of this Schedule.
Textual Amendments
F1Words in Sch. 17 para. 12(5) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 150 (with Sch. 9 paras. 1-9, 22)
13U.K.This Schedule has effect in relation to events taking place and transactions carried out on or after 1 July 2009.
14(1)In its application in relation to an event taking place or a transaction carried out before 1 October 2009, paragraph 4(1) has effect as if it required any report under that provision to be made before 1 April 2010.U.K.
(2)Any regulations under this Schedule that are made within the period of one year beginning on the day on which this Act is passed may be made so as to have effect from any time on or after 1 July 2009.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys