Part 17: Relocation of section 199 of FA 2003
Overview
1367.This Part inserts sections 18B to 18E of TMA. They are based on section 199 of FA 2003.
1368.Section 199 of FA 2003 enables the Treasury to make regulations to counter cross-border tax evasion by individuals on their savings income.
1369.Regulations have been made under the source legislation by the Reporting of Savings Income Information Regulations 2003 (SI 2003/3297). The regulations have been subsequently amended by the Reporting of Savings Income Information (Amendment) Regulations 2005 and 2006 (SIs 2005/1539 and 2006/3286).
1370.This Part also provides for the omission from the Table in section 98 of TMA of the entry for regulations under section 199 of FA 2003. That entry is not rewritten elsewhere in the Table since regulations under the new section 18B are covered by the existing entry in the Table for Part 3 of TMA.
Section 18B of TMA: Savings income; regulations about European and international aspects
1371.This section sets out the circumstances under which the Treasury may make regulations to ensure the effective taxation of savings income. It is based on section 199(1), (9), (12) and (13) of FA 2003.
Section 18C of TMA: Regulations under section 18B: provision about “paying agents”
1372.This section enlarges on the scope of regulations under section 18B insofar as they may relate to paying agents. It is based on section 199(2), (3) and (7) to (10) of FA 2003.
Section 18D of TMA: Content of regulations under section 18B: supplementary provision
1373.This section specifies a number of additional provisions that are within the scope of regulations under section 18B. It is based on section 199(4) to (6) and (11) of FA 2003.
Section 18E of TMA: Interpretation of sections 18B to 18D: “prescribed” etc
1374.This section provides definitions of terms used in sections 18B to 18D. It is based on section 199(14) of FA 2003.