SCHEDULES

SCHEDULE 14Strategic Rail Authority

Part IIFunding

Taxation

14

1

The Secretary of State may make regulations for the purpose of eliminating, or reducing to such extent as may be prescribed, the Authority’s liability to tax in respect of—

a

income and chargeable gains, or

b

any prescribed class of income or chargeable gains.

2

The regulations may, in particular, provide—

a

for any elimination or reduction of liability to tax conferred by virtue of sub-paragraph (1) to be subject to prescribed conditions (including conditions requiring prescribed activities of the Authority to be carried out by persons other than the Authority), and

b

for transactions entered into by the Authority not to be invalidated merely by reason of a contravention of any such conditions.

3

The regulations may—

a

for purposes connected with any elimination or reduction of liability to tax conferred by virtue of sub-paragraph (1), apply or modify any provision made by or under the Corporation Tax Acts (including provision made by Schedule 26),

b

make different provision for different cases, and

c

include such incidental, consequential, supplementary and transitional provision and savings as the Secretary of State may consider appropriate.

4

Regulations under this paragraph—

a

shall be made by statutory instrument, and

b

require the consent of the Treasury.

5

No regulations shall be made under this paragraph unless a draft of the statutory instrument containing the regulations has been laid before, and approved by a resolution of, the House of Commons.