Taxation (International and Other Provisions) Act 2010

Finance Act 1998 (c. 36) U.K.

53 U.K. FA 1998 is amended as follows.

54 (1) Amend Schedule 18 (company tax returns etc) as follows. U.K.

(2) In paragraph 8(1) (calculation of tax payable)—

(a) in paragraph 2 of the Second step for “section 788 or 790 of that Act” substitute “ under sections 2 and 6 of TIOPA 2010 or under section 18(1)(b) and (2) of that Act ”, and

(b) in paragraph 3 of that step for “that Act” substitute “ the Taxes Act 1988 ”.

(3) In paragraph 22(3)(c) (records of foreign tax: not sufficient to preserve the information in them) for sub-paragraph (ii) substitute—

“(ii) which would have been payable under the law of a territory outside the United Kingdom (“territory F”) but for a development relief.”

(4) In paragraph 22 after sub-paragraph (3) insert—

“(4) In sub-paragraph (3)(c) “development relief” means a relief—

(a) given under the law of territory F with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the United Kingdom, and

(b) about which provision is made in arrangements which have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).”