(1)Where a major sporting event is to be held in the United Kingdom, the Treasury may make regulations providing for exemption from income tax and corporation tax in relation to the event.
(2)The regulations may, in particular—
(a)exempt specified classes of person, income or activity from income tax;
(b)exempt specified classes of person, profit, income or activity from corporation tax;
(c)provide for specified classes of activity to be disregarded in determining for fiscal purposes whether a person has a permanent establishment in the United Kingdom;
(d)disapply a duty on a person to deduct a sum representing income tax before making a payment.
(3)The regulations may specify classes of person wholly or partly by reference to—
(a)residence outside the United Kingdom, determined in accordance with the regulations;
(b)documents issued or authority given by persons exercising functions in connection with the sporting event.
(4)Regulations under this section—
(a)may apply (with or without modifications) or disapply any enactment,
(b)may modify, amend, repeal or revoke any enactment,
(c)may make different provision for different purposes, and
(d)may include incidental, consequential, supplementary or transitional provision.
(5)Regulations under this section may not be made unless a draft of the instrument containing them has been laid before, and approved by a resolution of, the House of Commons.
(6)In this section, “enactment” includes an enactment contained in subordinate legislation (within the meaning of the Interpretation Act 1978), and includes an enactment whenever passed or made.