Section 1030: Transitional provisions and savings
3133.This section gives effect to Schedule 2 and confers power on the Treasury to make transitional or saving provisions additional to those contained in that Schedule.
3134.Subsection (2) is in substance the same as section 883(5) of ITTOIA.
3135.Subsection (3) provides that the power may contain provision having retrospective effect. As there is likely to be only a short period between the date on which the Act receives Royal Assent and the date on which it comes into force, it is possible that the need for additional transitional provision will not have come to light before the Act comes into force. Subsection (3) therefore ensures that the power can be exercised after the Act comes into force.
3136.As with the power in section 883(5) of ITTOIA, it is intended that this power will not be exercised without the agreement of the Tax Law Rewrite project’s Consultative and Steering Committees.
