SCHEDULES
SCHEDULE 16Non-residents: investment managers
Part 1Eligibility to be UK representative
F31
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F32
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 2Eligibility to be agent of independent status
FA 2003
F43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ITA 2007
4
ITA 2007 is amended as follows.
5
1
Section 827 (meaning of “investment transaction”) is amended as follows.
2
For subsections (2) and (3) substitute—
2
In this section “investment transaction” means any transaction of a description specified for the purposes of this section in regulations made by the Commissioners for Her Majesty's Revenue and Customs.
3
Provision made in regulations under subsection (2) may, in particular, have effect in relation to the tax year current on the day on which the regulations are made.
6
1
Section 1014(2) (orders and regulations under the Income Tax Acts: excluded powers) is amended as follows.
2
In paragraph (g)(iia), omit “and”.
3
After paragraph (g)(iia) insert—
iib
section 827(2) (meaning of “investment transaction”), and
Part 3Non-residents liable to tax: disregarded investment income or profits
FA 2003
F57
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F58
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F59
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ITA 2007
10
1
Section 818 of ITA 2007 (the independent investment manager conditions) is amended as follows.
2
In subsection (1), for the words from “if” to the end substitute “
if conditions A to E are met.
”
3
Omit subsections (7) and (8).
Part 4Commencement
11
F21
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
The amendments made by paragraph 10 have effect for the tax year 2008-09 and subsequent tax years.
4
Subject to sub-paragraphs (1) to (3), the amendments made by this Schedule come into force on the day on which this Act is passed.
5
But, despite the coming into force of paragraph 2, 3 or 5—
a
the superseded provision, and
b
any regulations made under the superseded provision,
continue to have effect until such time as the first regulations under the new regulation-making power come into force.
6
In sub-paragraph (5)—
“new regulation-making power” means the regulation-making power substituted by paragraph 2, 3 or 5, and
“superseded provision” means—
- a
in relation to paragraph 2, the existing section 127(12) and (13) of FA 1995,
- b
in relation to paragraph 3, the existing paragraph 3(3) and (4) of Schedule 26 to FA 2003, or
- c
in relation to paragraph 5, the existing section 827(2) and (3) of ITA 2007.
- a