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Finance Act 1977

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This is the original version (as it was originally enacted).

49Persons domiciled in Channel Islands or Isle of Man

(1)In section 45 of the Finance Act 1975 (which in subsection (1)(c) provides that certain persons domiciled in the Channel Islands or the Isle of Man are to be treated as domiciled in the United Kingdom) after subsection (2) there shall be inserted—

(2A)Subsection (1)(c) above does not apply to—

(a)a person with a domicile of origin in the Islands ; or

(b)a person who, when he became domiciled in the Islands as there mentioned, was incapable of having an independent domicile..

(2)Subject to the following provisions of this section, property situated outside the United Kingdom is excluded property for the purposes of Part III of the said Act of 1975 if—

(a)the person beneficially entitled to it is domiciled in the United Kingdom by virtue only of subsection (1)(c) of the said section 45 ; and

(b)it is shown that the property directly or indirectly represents—

(i)emoluments resulting from the carrying on by him of an office or employment in the Islands at a time when (disregarding that section) he was domiciled there; or

(ii)profits resulting from the carrying on of a business there at such a time either by him or by a company of which he then had control.

(3)Paragraph (b)(i) of subsection (2) above does not apply to a person's emoluments from an office or employment in a business of the kind mentioned in subsection (4) below which is carried on by a person with whom he is connected; and paragraph (b)(ii) of subsection (2) above does not apply to profits from the carrying on of a business of the kind mentioned in subsection (4) below.

(4)The business referred to above is any business which consists wholly or mainly of one or more of the following, that is to say—

(a)dealing in securities, stocks or shares or in land or buildings situated outside the Islands ; or

(b)making or holding investments, being, in the case of investments consisting of land or buildings, land or buildings situated outside the Islands.

(5)Subsection (2) above does not apply in relation to settled property; but where at the time when a settlement was made the settlor was domiciled in the United Kingdom by virtue only of section 45(1)(c) of the said Act of 1975 any property comprised in the settlement is excluded property for the purposes of Part III of that Act if—

(a)it is situated outside the United Kingdom ; and

(b)it is, or directly or indirectly represents, property that was excluded property by virtue of that subsection at the time when it was settled.

(6)In this section—

  • " business " includes a business carried on in the exercise of a profession or vocation;

  • " the Islands " means the Channel Islands and the Isle of Man; and paragraph 13(7) of Schedule 4 to the said Act of 1975 (control of company) applies for the purposes of subsection (2) above.

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