Finance (No. 2) Act 2023

Provisional remedies U.K.

3 (1) In paragraph 13 (TRA’s duty to recommend requiring guarantees)—

(a) in sub-paragraph (4) omit paragraph (b) (and the “and” at the end of paragraph (a));

(b) after sub-paragraph (8) insert—

“(8A) Where the TRA makes a recommendation under sub-paragraph (3), it must advise the Secretary of State whether and why it considers that requiring importers to give a guarantee in accordance with the recommendation would meet the economic interest test (see paragraph 25).”

(2) In paragraph 15 (Secretary of State’s power to require a guarantee)—

(a) in sub-paragraph (3), for the words from “accept” to the end substitute “have regard to the TRA’s advice on whether requiring a guarantee in accordance with the recommendation would meet the economic interest test (see paragraph 25).”;

(b) after sub-paragraph (3) insert—

“(3A) Sub-paragraph (3B) applies if the recommendation is rejected.

(3B) If the Secretary of State considers that it is in the public interest to do so, the Secretary of State may decide that importers of relevant goods should be required to give a guarantee other than in accordance with the recommendation.

(3C) But the Secretary of State may make a decision under sub-paragraph (3B) only if a recommendation under paragraph 13(3) to the same effect as the decision (ignoring any restrictions in paragraph 13 on the ability of the TRA to make such a recommendation) would have complied with the requirements set out in paragraph 14.

(3D) Where the Secretary of State makes a decision under sub-paragraph (3B), the Secretary of State—

(a) must publish notice of the decision,

(b) must notify interested parties (see paragraph 32(3)) accordingly,

(c) must lay a statement before the House of Commons setting out the reasons for making the decision, and

(d) is required under section 13 to make provision by public notice to give effect to the decision.”;

(c) in sub-paragraph (4), after “rejected” insert “and the Secretary of State does not make a decision under sub-paragraph (3B)“.

Commencement Information

I1 Sch. 19 para. 3 not in force at Royal Assent, see Sch. 19 para. 17(2)

I2 Sch. 19 para. 3 in force at 25.8.2023 by S.I. 2023/918, reg. 2 (with reg. 3)