Part 4.Other amendments
FA 1916
98.Paragraph 113 repeals section 63 FA 1916 which is obsolete.
F(No.2)A 1931
99.Paragraph 114 amends section 22 of F(No.2)A 1931 so that with effect from Royal Assent FOTRA securities may be issued with the condition for exemption based on the beneficial owner being not resident in the UK rather than being not ordinarily resident in the UK. This change does not affect the taxation treatment of any securities which are issued before this Act was passed (for which the exemption continues to be based on being not ordinarily resident) except where the beneficial owner acquired the security on or after 6 April 2013. So, for example, the inheritance tax provisions in sections 6(2) and 48(4) of IHTA 1984 will continue to apply to securities issued on the basis of exemption for persons not ordinarily resident provided that the beneficial owner acquired them before 6 April 2013.
100.The other exemptions for FOTRA securities are contained in section 714 of ITTOIA for income tax, section 1279 of CTA 2009 for corporation tax and section 115 of TCGA (a wider general gilts exemption) for capital gains tax. Where a person acquires a FOTRA security on or after 6 April 2013, paragraph 114(5) provides that the exemption is based on being non-resident in the UK even though the exemption stated in the terms of issue was based on being not ordinarily resident.
TMA 1970
101.Paragraph 116 removes a reference to ordinarily resident from section 98(4E)(d) of TMA reflecting the change made to section 18 F(No.2)A 2005 by paragraph 136 of this Schedule and the change that will shortly be made to the supporting Authorised Investment Funds (Tax) Regulations 2006 (see Background).
102.Paragraph 117 removes a reference to ordinarily resident from paragraph 2(6) of Schedule 1A to TMA.
IHTA 1984
103.Paragraph 118 removes references to ordinarily resident from section 157 of IHTA 1984 in cases of death on or after 6 April 2013.
FA 2004
104.Paragraphs 119 to 131 remove references to ordinarily resident from pensions provisions in sections 185G(3)(a), 205(3), 205A(3), 206(3), 207(3), 208(4), 209(5), 217(5), 237A(2), 237B(8), 239(4) and 242(3) of FA 2004.
105.Paragraph 132 provides that the amendments to the pensions provisions apply from 6 April 2013.
FA 2005
106.Paragraph 133 removes a reference to ordinarily resident from section 30(1) of FA 2005 by substituting paragraph (c). The amendment applies from 6 April 2013.
F(No.2)A 2005
107.Paragraph 135 removes a reference to ordinarily resident from section 7(3) of F(No.2)A 2005. The amendment applies from 6 April 2013.
108.Paragraph 136 removes references to ordinarily resident from section 18(1)(f) and (g) of F(No.2)A 2005.
CTA 2009
109.Paragraph 138 removes a reference to ordinarily resident from section 900(2) of CTA 2009. The ordinary residence status of a company is considered to be equivalent to its residence status.
110.Paragraphs 139 to 144 remove references to ordinarily resident as applied to personal representatives and individuals in the context of corporation tax provisions concerning estate income and shares or options acquired by employees. The provisions concerned are sections 936(3), 947(2)(b)(i), 1009(5)(a), 1017(4)(a), 1025(5)(a) and 1032(5)(a) of CTA 2009.
CTA 2010
111.Paragraph 145 removes references to ordinarily resident and ordinary residence from section 1034 of CTA 2010.
TIOPA 2010
112.Paragraph 146 removes a reference to ordinarily resident from section 363A(3) of TIOPA. The ordinary residence status of a company is considered to be equivalent to its residence status.
Constitutional Reform and Governance Act 2010
113.Paragraph 147 removes a reference to ordinarily resident from section 41(2) of the Constitutional Reform and Governance Act 2010.
