SCHEDULES

SCHEDULE 16Non-residents: investment managers

Part 2Eligibility to be agent of independent status

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