PART 11Administration, enforcement and supplementary powers
Qualifying transformer vehicles
183Qualifying transformer vehicles
1
In this section “qualifying transformer vehicle” means a transformer vehicle which meets conditions which are specified in regulations made by the Treasury.
2
The Treasury may by regulations make provision about the treatment for the purposes of any enactment relating to taxation of—
a
qualifying transformer vehicles;
b
investors in qualifying transformer vehicles;
c
transactions involving qualifying transformer vehicles.
3
Regulations under subsection (2) may, in particular, disapply, apply (with or without modification) or modify the application of any enactment.
4
Without limiting the generality of subsection (2), regulations under that subsection may in particular include—
a
provision for profits or other amounts to be calculated with any adjustments, or on any basis, set out in the regulations;
b
provision conferring, altering or removing an exemption or relief;
c
provision about the treatment of arrangements the purpose, or one of the main purposes, of which is to secure a tax advantage;
d
provision about collection and enforcement (including the withholding of tax);
e
in relation to qualifying transformer vehicles, requirements with regard to the provision of information to investors;
f
in relation to qualifying transformer vehicles or investors in qualifying transformer vehicles, requirements with regard to—
i
the provision of information to Her Majesty's Revenue and Customs,
ii
the preparation of accounts,
iii
the keeping of records, or
iv
other administrative matters.
5
Regulations under this section—
a
may provide for Her Majesty's Revenue and Customs to exercise a discretion in dealing with any matter;
b
may make provision by reference to rules, guidance or other documents issued by any person (as they have effect from time to time).
6
Regulations under this section may—
a
make different provision for different cases or different purposes (including different provision in relation to different descriptions of qualifying transformer vehicle or, as the case may be, transformer vehicle);
b
contain incidental, supplementary, consequential and transitional provision and savings.
7
Regulations under this section are to be made by statutory instrument.
8
A statutory instrument containing regulations under subsection (1) is subject to annulment in pursuance of a resolution of the House of Commons.
9
But the first set of regulations under subsection (1) may not be made unless a draft has been laid before, and approved by a resolution of, the House of Commons.
10
A statutory instrument containing regulations under subsection (2) may not be made unless a draft has been laid before, and approved by a resolution of, the House of Commons.
11
In this section—
“enactment” includes subordinate legislation (as defined in section 21 of the Interpretation Act 1978);
“investors” in relation to a qualifying transformer vehicle means holders of investments issued by the qualifying transformer vehicle; and for this purpose “investment” includes any asset, right or interest;
“tax advantage” has the meaning given by section 1139 of CTA 2010;
“transformer vehicle” has the same meaning as in section 284A of the Financial Services and Markets Act 2000.