Prospective
(1)The Treasury may make regulations providing—
(a)for a tax provision not to apply, or to apply with modifications, in respect of anything done under or in consequence of a transfer scheme;
(b)for anything done under or in consequence of a transfer scheme to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision;
(c)for anything done in connection with, or done by a person with rights in connection with, anything that was at any time transferred under a transfer scheme, to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision;
(d)for a tax provision not to apply, or to apply with modifications, in respect of anything transferred under a transfer scheme;
(e)for anything transferred under a transfer scheme to be treated in a specified way for the purposes of a tax provision;
(f)for the withdrawal of relief (whether or not granted by virtue of the regulations), and the charging of tax, in connection with anything done under or in consequence of a transfer scheme where a specified event occurs, or specified conditions are satisfied, whether on or after the commencement of the scheme;
(g)for a power under this Part, or anything done in exercise of a power under this Part, to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision.
(2)In subsection (1) “tax provision” means a provision of an enactment about income tax, corporation tax, capital gains tax, stamp duty, stamp duty land tax or stamp duty reserve tax.
(3)Regulations under this section—
(a)shall be made by statutory instrument, and
(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.