Income Tax Act 2007U.K.
This section has no associated Explanatory Memorandum
15.—(1) The Income Tax Act 2007() is amended as follows.
(2) For section 274(4)() substitute—
“(4) In this section “regulated market” means—
(a)a UK regulated market within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
(b)an EU regulated market within the meaning given by Article 2.1(13B) of that Regulation, and
(c)a regulated market within the meaning given by Article 2.1(13) of that Regulation which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar.”.
(3) In section 392(4)(), in paragraph (a) of the definition of “close company” omit “other than the United Kingdom”.
(4) In section 393A(7)(), in paragraph (a) of the definition of “close company” omit “other than the United Kingdom”.
(5) In section 397(2)(a)() for “another” substitute “an”.
(6) In section 559(1)(a) after “by” insert “Her Majesty’s Government in the United Kingdom or by”.
(7) In section 564G()—
(a)in subsection (1)(h) for “an EEA-regulated” substitute “a regulated”;
(b)in subsection (2)—
(i)at the end of paragraph (h) insert “and”;
(ii)omit paragraphs (j) and (k);
(c)after subsection (2) insert—
“(2A) In subsection (1)—
“regulated recognised stock exchange” means a recognised stock exchange that is regulated in the United Kingdom, the European Economic Area or Gibraltar;
“multilateral trading facility” means—
(a)
a UK multilateral trading facility within the meaning given by Article 2.1(14A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
(b)
an EU multilateral trading facility within the meaning given by Article 2.1(14B) of that Regulation, and
(c)
a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar,
and in paragraph (c) “multilateral system”, “investment firm”, “market operator” and “financial instrument” have the same meanings as given by Articles 2.1(11), 2.1A, 2.1(10) and 2.1(9) respectively of that Regulation.”.
(8) In section 837B()—
(a)in subsection (2)—
(i)omit “, or” at the end of paragraph (a);
(ii)omit paragraph (b);
(b)omit subsection (6).
(9) In section 842—
(a)in the heading, at the beginning insert “UK Economic Interest Groupings() and”;
(b)in subsection (1) after “rules about” insert “UK Economic Interest Groupings and”;
(c)for subsection (5) substitute—
“(5) “European Economic Interest Grouping” means a grouping registered in a member State and formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25 July 1985 on the European Economic Interest Grouping() as it has effect in EU law.”.
(10) In section 853 omit subsection (5).
(11) In section 987()—
(a)in subsection (1)(b) for “an EEA-regulated” substitute “a regulated”;
(b)for subsection (2) substitute—
“(2) For the purposes of this section—
(a)“regulated recognised stock exchange” means a recognised stock exchange that is regulated in the United Kingdom, the European Economic Area or Gibraltar, and
(b)“multilateral trading facility” means—
(i)a UK multilateral trading facility within the meaning given by Article 2.1(14A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
(ii)an EU multilateral trading facility within the meaning given by Article 2.1(14B) of that Regulation, and
(iii)a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar(),
and in sub-paragraph (iii) “multilateral system”, “investment firm”, “market operator” and “financial instrument” have the same meanings as given by Articles 2.1(11), 2.1A, 2.1(10) and 2.1(9) respectively of that Regulation.”.
(12) In section 991(2) omit paragraph (c).