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Income Tax Act 2007
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340(1)Amend section 271 (miscellaneous exemptions) as follows.U.K.
(2)In subsection (3) for the words from “In this subsection” to the end substitute— “In this subsection—
“health service body” has the meaning given by section 519A of the Taxes Act, and
“local authority association” has the meaning given by section 1000 of ITA 2007.”
(3)After subsection (7) insert—
“(7A)Chargeable gains are exempt from tax if they accrue to a bank, or issue department of a bank, to which this subsection applies for the time being.
(7B)Her Majesty may by Order in Council direct that subsection (7A) applies to a bank or its issue department if it appears to Her Majesty that the bank—
(a)is not resident in the United Kingdom, and
(b)is entrusted by the government of a territory outside the United Kingdom with the custody of the territory's principal foreign exchange reserves.
(7C)No recommendation may be made to Her Majesty in Council to make an order under subsection (7B) unless a draft of the order has been laid before and approved by a resolution of the House of Commons.”
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