SCHEDULES
SCHEDULE 8Minor and consequential amendments
Part 11UK representatives of non-UK residents
Finance Act 1995 (c. 4)
276
FA 1995 is amended as follows.
277
Omit section 126 (UK representatives of non-residents).
278
Omit section 127 (persons not treated as UK representatives).
279
Omit Schedule 23 (obligations etc imposed on UK representatives).
Income Tax Act 2007 (c. 3)
280
ITA 2007 is amended as follows.
281
In section 2(14) (overview of Act)—
a
omit the “and” immediately after paragraph (b), and
b
after paragraph (b) insert—
ba
rules about UK representatives of non-UK residents (Chapters 2B and 2C),
282
In section 813(2)
(meaning of “disregarded income”) for “section 126 of, and Schedule 23 to, FA 1995 (UK representatives of non-UK residents)” substitute “
Chapter 2B
”
.
283
1
Amend section 817 (independent broker conditions) as follows.
2
In subsection (3) omit “by the broker”.
3
In subsection (5) for “section 126 of, and Schedule 23 to, FA 1995” substitute “
Chapter 2B of this Part, or of Chapter 1 of Part 7A of TCGA 1992,
”
.
284
In section 824 (application of 20% rule to collective investment schemes) at the end of subsection (2) insert “
(so far as the transaction is one in respect of which such amounts so arise or accrue)
”
.
285
1
Amend section 1014(2) (orders and regulations to which section does not apply) as follows.
2
Omit paragraph (ba).
3
In paragraph (g)—
a
omit the word “and” at the end of sub-paragraph (iib), and
b
after that sub-paragraph insert—
iic
section 835S(4) (meaning of “investment transaction”), and
286
In Schedule 4 (index of defined expressions) at the appropriate places insert—
beneficial entitlement (in Chapter 2B of Part 14)
section 835O(4)”
“branch or agency (in Chapter 2B of Part 14)
section 835S(2)”
“independent agent (in Chapter 2C of Part 14)
section 835Y”
“the independent broker conditions (in Chapter 2B of Part 14)
section 835L”
“the independent investment manager conditions (in Chapter 2B of Part 14)
section 835M”
“investment manager (in Chapter 2B of Part 14)
section 835S(3)”
“investment transaction (in Chapter 2B of Part 14)
section 835S(4)”
“qualifying period (in Chapter 2B of Part 14)
section 835O(2)”
“relevant disregarded income (in Chapter 2B of Part 14)
section 835O(3)