SCHEDULES

SCHEDULE 16Non-residents: investment managers

Part 2Eligibility to be agent of independent status

FA 2003

3

1

In Schedule 26 of FA 2003 (non-resident companies: transactions through broker, investment manager or Lloyd's agent), for paragraph 3(3) and (4) substitute—

3

In sub-paragraph (1) “investment transaction” means any transaction of a description specified for the purposes of this paragraph in regulations made by the Commissioners for Her Majesty's Revenue and Customs.

4

Provision made in regulations under sub-paragraph (3) may, in particular, have effect in relation to accounting periods current on the day on which the regulations are made.

2

In section 828(2) of ICTA (orders and regulations), after “Finance Act 1989” insert “ or paragraph 3(3) of Schedule 26 to the Finance Act 2003 ”.

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