Finance Act 1984

126 Tax exemptions in relation to designated international organisations. E+W+S+N.I.

(1) Where—

(a) the United Kingdom or any of the Communities is a member of an international organisation; and

(b) the agreement under which it became a member provides for exemption from tax, in relation to the organisation, of the kind for which provision is made by this section; the Treasury may, by order made by statutory instrument, designate that organisation for the purposes of this section.

(2) Where an organisation has been so designated, the provisions mentioned in subsection (3) below shall, with the exception of any which may be excluded by the designation order, apply in relation to that organisation.

(3) The provisions are—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(b) any security issued by the organisation shall be taken, for the purposes of capital transfer tax F2 . . ., to be situated outside the United Kingdom; and

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

[F4 X1 (d) no stamp duty reserve tax shall be chargeable under section 93 (depositary receipts) or 96 (clearance services) of the Finance Act 1986 in respect of the issue of securities by the organisation.]

(4) The Treasury may, by order made by statutory instrument, designate any of the Communities or the European Investment Bank for the purposes of this section, and references in subsections (2) and (3) above to an organisation designated for the purposes of this section include references to a body so designated by virtue of this subsection.

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 X1

Annotations:

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Subordinate Legislation Made

P1 S. 126: power previously exercised by S.I. 1984/1215 and 1634; 1985/1172.

P2 S. 126(1): s. 126(1) power exercised by S.I. 1991/1202.

Editorial Information

X1 The repeal of s. 126(3)(c)(5) has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of this provision will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F1 S. 126(3)(a) repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31

F2 Words in s. 126(3)(b) repealed (in relation to tax for the year 1992-1993 and subsequent years subject as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 101(1), 201(3), Sch. 11 paras. 20, 22, 26, 27).

F3 S. 126(3)(c) repealed by Finance Act 1990 s. 132, Sch. 19 Part VI

F4 S. 126(3)(d) added by Finance Act 1990 s. 114(1)

F5 S. 126(5) repealed by Finance Act 1990 s. 132, Sch. 19 Part VI

Modifications etc. (not altering text)

C1 The Asian Development Bank so designated by S.I. 1984 No. 1215 and the African Development Bank by S.I. 1984 No. 1634