PART III OTHER RETURNS AND INFORMATION

18BF1Savings income: regulations about European and international aspects

1

The Treasury may make regulations for implementing and for dealing with matters arising out of or related to—

a

any EU obligation created with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the laws of the other member States, and

b

any arrangements made with a territory other than a member State with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the law of the other territory.

2

In this section “savings income” means—

a

interest, apart from interest of a prescribed description, or

b

other sums of a prescribed description.

3

The power to make regulations under this section is exercisable by statutory instrument.

4

A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.