SCHEDULES

SCHEDULE 16Non-residents: investment managers

Part 4Commencement

11

1

The amendments made by paragraph 1 have effect in relation to business that relates to investment transactions occurring on or after the day on which this Act is passed.

2

The amendments made by paragraphs 7 to 9 have effect in relation to accounting periods ending on or after the day on which this Act is passed.

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the superseded provision, and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any regulations made under the superseded provision,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  • “superseded provision” means—

    1. a

      in relation to paragraph 2, the existing section 127(12) and (13) of FA 1995,

    2. b

      in relation to paragraph 3, the existing paragraph 3(3) and (4) of Schedule 26 to FA 2003, or

    3. c

      in relation to paragraph 5, the existing section 827(2) and (3) of ITA 2007.