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The Exemption from Income Tax for Certain Interest and Royalty Payments (Amendment of Section 757(2) of the Income Tax (Trading and Other Income) Act 2005) Order 2006
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- UK Statutory Instruments
- 2006 No. 3288
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the reference in section 757(2) of the Income Tax (Trading and Other Income) Act 2005 (c. 5) to Council Directive 2003/49/EC of 3rd June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different member States (OJ No L 157, 26.6.03, p49). The Order inserts a reference to a later amending Directive, Council Directive 2006/98/EC adapting certain Directives in the field of taxation, by reason of the accession of Bulgaria and Romania (“the 2006 Directive”) (OJ No L363, 20.12.2006, p.129).
A transposition note setting out how these Regulations implement the requirements of the 2006 Directive is available at www.hmrc.gov.uk.
A full regulatory impact assessment has not been produced for this instrument as no impact on business or the private or voluntary sectors is foreseen.
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