164Part to be interpreted in accordance with OECD principles
(1)This Part is to be read in such manner as best secures consistency between—
(a)the effect given to sections 147(1)(a), (b) and (d) and (2) to (6), 148 and 151(2), and
(b)the effect which, in accordance with the transfer pricing guidelines, is to be given, in cases where double taxation arrangements incorporate the whole or any part of the OECD model, to so much of the arrangements as does so.
(2)Subsection (1) has effect subject to—
section 147(1)(c) and (7) (oil-related provision to which Part does not apply),
sections 205 and 206 (rules for oil-related ring-fence trades),
section 217(3) to (7) (provision for sales of oil),
section 447(5) and (6) of CTA 2009 (this Part generally does not affect how exchange gains or losses from loan relationships are accounted for), and
section 694(8) and (9) of CTA 2009 (this Part generally does not affect how exchange gains or losses from derivative contracts are accounted for).
(3)In this section “the OECD model” means—
(a)the rules which, at the passing of ICTA (which occurred on 9 February 1988), were contained in Article 9 of the Model Tax Convention on Income and on Capital published by the Organisation for Economic Co-operation and Development, or
(b)any rules in the same or equivalent terms.
(4)In this section “the transfer pricing guidelines” means—
(a)all the documents published by the Organisation for Economic Co-operation and Development, at any time before 1 May 1998, as part of their Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, and
(b)such documents published by that Organisation on or after that date as may for the purposes of this Part be designated, by an order made by the Treasury, as comprised in the transfer pricing guidelines.
(5)In this section “double taxation arrangements” means arrangements that have effect under section 2(1) (double taxation relief by agreement with territories outside the United Kingdom).