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.