SCHEDULES

SCHEDULE 17International movement of capital

Part 2Reporting requirement

8Reportable events and transactions

1

For the purposes of this Schedule an event or transaction is “reportable”, in relation to a reporting body, if—

a

it is of a value exceeding £100 million,

b

it is within sub-paragraph (2), and

c

it is not an excluded transaction (see paragraph 9).

2

An event or transaction is within this sub-paragraph if—

a

it is an issue of shares or debentures by a foreign subsidiary,

b

it is a transfer by the reporting body, or a transfer caused or permitted by the reporting body, of shares or debentures of a foreign subsidiary in which the reporting body has an interest,

c

where the reporting body is a party to an arrangement under paragraph 6, it is a transfer by another party to the arrangement, or a transfer caused or permitted by such a party, of shares or debentures of a foreign subsidiary in which that party has an interest,

d

it results in a foreign subsidiary becoming, or ceasing to be, a controlling partner in a partnership, or

e

it is of a description specified in regulations made by the Commissioners.

3

For the purposes of sub-paragraph (2)(d) a foreign subsidiary is a “controlling partner” in a partnership if, whether alone or taken together with one or more other partners that are subsidiaries, it controls the partnership.

4

The Commissioners may by regulations make provision about how the value of an event or transaction is to be determined for the purposes of this paragraph.

5

Regulations under sub-paragraph (4) may, in particular, in the case of a transaction that is one of a series of transactions, include provision attributing to the transaction the value of other transactions in the series.

6

Regulations under this paragraph may—

a

make provision by reference to standards or other documents issued by any person, or

b

make different provision for different cases or purposes.

7

The Commissioners may by order amend sub-paragraph (1)(a) so as to substitute a higher amount for the amount for the time being mentioned there.