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Finance Act 2004

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This is the original version (as it was originally enacted).

97Introductory

(1)This Chapter has effect for the purpose of implementing provisions of 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 (“the Directive”).

(2)In this Chapter—

  • “company” has the same meaning as the expression “company of a member State” has for the purposes of the Directive (see Article 3(a) of the Directive);

  • “debt-claim” has the same meaning as in the Directive;

  • “the Directive” has the meaning given by subsection (1);

  • EU company” means a company resident in a member State other than the United Kingdom;

  • “interest” and “royalties” have the meaning given by Article 2 of the Directive;

  • “non-EU permanent establishment” means a permanent establishment in a territory other than a member State;

  • UK company” means a company resident in the United Kingdom;

  • “UK permanent establishment” means a permanent establishment in the United Kingdom.

(3)The Treasury may by order make such provision amending any reference in this Chapter to, or to a provision of,—

(a)the Directive, or

(b)any instrument referred to in this Chapter by virtue of an order under this subsection,

as appears to them appropriate for the purpose of giving effect to any Council Directive adopted after 8th April 2004 amending or replacing the Directive.

(4)The first order under subsection (3) may make provision having effect for periods before the making of the order.

(5)Subject to subsection (6), this Chapter has effect in relation to payments made on or after 1st January 2004.

(6)The following provisions have effect in relation to payments made on or after 8th April 2004—

(a)in section 100(2)(b), the words “and that section 104 (anti-avoidance) does not apply”, and

(b)section 104.

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