Finance Act 2013

ITTOIA 2005 U.K.

43 U.K. ITTOIA 2005 is amended as follows.

44 U.K. In section 154A (certain non-UK residents with interest on 3½% War Loan 1952 Or After), in subsection (1)(a), omit “ordinarily”.

45 U.K. In section 459 (transfer of assets abroad), in subsection (2), for “an individual ordinarily UK resident” substitute “ a UK resident individual ”.

46 U.K. In section 468 (non-UK resident trustees and foreign institutions), for subsection (2) substitute—

“(2) Chapter 2 of Part 13 of ITA 2007 (which prevents avoidance of tax where a UK resident individual benefits from a transfer of assets) applies with the modifications specified in subsection (3) or (4).”

47 U.K. In section 569 (anti-avoidance: transfer of assets abroad), in subsection (2), for “an individual ordinarily UK resident” substitute “ a UK resident individual ”.

48 (1) In section 636 (calculation of undistributed income), in subsection (2)(b), for “, resident and ordinarily resident” substitute “ and resident ”. U.K.

(2) The amendment made by this paragraph does not apply in calculating income arising under a settlement in tax years ending before 6 April 2013.

49 U.K. In section 648 (income arising under a settlement), in subsection (1)(b), for “, resident and ordinarily resident” substitute “ and resident ”.

50 U.K. In section 651 (meaning of “UK estate” and “foreign estate”), in subsection (3), omit “or not ordinarily UK resident”.

51 U.K. In section 664 (the aggregate income of the estate), in subsection (2)(b)(i), omit “who was ordinarily UK resident”.

52 (1) Section 715 (interest from FOTRA securities held on trust) is amended as follows. U.K.

(2) In subsection (1)(b), for “person not ordinarily UK resident” substitute “ non-UK resident person ”.

(3) In subsection (2)—

(a) for “person not ordinarily UK resident” substitute “ non-UK resident person ”, and

(b) for “is ordinarily UK resident at the time when” substitute “ is UK resident for the tax year in which ”.

(4) In relation to a FOTRA security issued before 6 April 2013, the amendments made by this paragraph apply only if the security was acquired by the trust on or after that date.

53 (1) In section 771 (relevant foreign income of consular officers and employees), for subsection (4) substitute— U.K.

“(4) Condition C is that—

(a) the officer or employee is a permanent employee of that state, or

(b) the officer or employee was non-UK resident for each of the 2 tax years preceding the tax year in which the officer or employee became a consular officer or employee in the United Kingdom of that state.”

(2) The amendment made by this paragraph does not apply to a person who became a consular officer or employee in the United Kingdom before 6 April 2013.