Taxation (International and Other Provisions) Act 2010

Taxes Management Act 1970 (c. 9) U.K.

1 U.K. TMA 1970 is amended as follows.

2 U.K. In section 9A(4)(c) (scope of enquiries) for “section 804ZA of the principal Act (schemes and arrangements designed to increase relief)” substitute “ section 81(2) of TIOPA 2010 (notice to counteract scheme or arrangement designed to increase double taxation relief) ”.

3 (1) Amend section 12B (records to be kept for purposes of returns) as follows. U.K.

(2) In subsection (4A)(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.”

(3) After subsection (4A) insert—

“(4B) In subsection (4A)(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 that have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).”

4 U.K. In section 24 (power to obtain information about income from securities) after subsection (3) insert—

“(3ZA) If—

(a) a person beneficially entitled to income from any securities is resident in a territory outside the United Kingdom, and

(b) there are double taxation arrangements with respect to income tax or corporation tax which relate to that territory,

subsection (3) does not exempt any bank from the duty of disclosing to the Board particulars relating to the income of that person.

(3ZB) In subsection (3ZA) “double taxation arrangements” means arrangements which have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).”

5 U.K. In section 29(7A) (discovery assessments: relaxation of pre-conditions) for “section 804ZA of the principal Act” substitute “ section 81(2) of TIOPA 2010 (notice to counteract scheme or arrangement designed to increase double taxation relief) ”.

6 U.K. In section 43C(5) (meaning of consequential claim) for “or 43A” substitute “ , 43A or 43D(6) ”.

7 U.K. In Part 4, after section 43C insert—

“43D Claims for double taxation relief in relation to petroleum revenue tax

(1) This section has effect in relation to a claim for relief under sections 2 to 6 of TIOPA 2010 in relation to petroleum revenue tax.

(2) The claim shall be for an amount which is quantified at the time when the claim is made.

(3) If, after the claim has been made, the claimant discovers that an error or mistake has been made in the claim, the claimant may make a supplementary claim within the time allowed for making the original claim.

(4) Schedule 1A to this Act applies as respects the claim, but as if the reference in paragraph 2A(4) to a year of assessment included a reference to a chargeable period.

(5) The claim may not be made more than 4 years after the end of the chargeable period to which it relates, but this is subject to any provision of the Taxes Acts prescribing a longer or shorter period.

(6) If the claim or a supplementary claim could not have been allowed but for the making of an assessment to petroleum revenue tax after the end of the chargeable period to which the claim relates, the claim or supplementary claim may be made at any time before the end of the chargeable period following that in which the assessment is made.

(7) In this section “chargeable period” has the same meaning as in the Oil Taxation Act 1975 (see section 1(3) and (4) of that Act, under which a period that is a chargeable period ends with 30 June or 31 December and, apart from the first chargeable period in relation to an oil field, is a period of 6 months).”