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.