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Finance Act 2012

Double taxation relief

20.Paragraph 11 of the Schedule adds a new paragraph and a subparagraph into Part 7 of Schedule 19 to the Finance Act 2011.

21.Paragraph 11(1) inserts new paragraph 66(9A) into Schedule 19.

22.New paragraph 66(9A) provides that where double taxation relief is allowed via arrangements entered into by the United Kingdom and another territory regarding relief from double taxation in respect of the bank levy and an equivalent foreign levy then regulations may be made that take effect from the same date that relief is allowed under the arrangements. However regulations under this sub-paragraph will only have this effect if they are made and come into force at the same time as the order giving effect to the arrangements.

23.Paragraph 11(2) inserts new paragraph 67A into Part 7 of Schedule 19. This paragraph allows for the exchange of information where international tax enforcement arrangements have been entered into in association with arrangements regarding relief from double taxation in respect of the bank levy.

24.New paragraph 67A(1) gives effect to arrangements that have been made with any territory or territories outside the UK relating to tax enforcement where the Treasury makes an Order in respect of those arrangements.

25.New paragraph 67A(2) explains that arrangements relating to international tax enforcement may include provisions on the exchange of information and the service of documents in relation to the United Kingdom bank levy or an equivalent foreign levy.

26.New paragraph 67A(3) provides that any Treasury Order that replaces an existing Order made under this Schedule may include appropriate transitional provisions.

27.New paragraph 67A(4) ensures that sections 173(4) and (5) of Finance Act 2006 apply to arrangements which have effect under this paragraph and these in turn allow any Minister or officer in another Government department to disclose any information to the Commissioners for HM Revenue and Customs that may be disclosed to another territory under the arrangements. It also allows the Commissioners or any authorised Revenue and Customs official to disclose such information to the authorised officer of any territory or territories with whom arrangements have been made. Section 173(5) Finance Act 2006 provides that the Commissioners or any authorised Revenue and Customs official may not disclose any information to another territory under the arrangements unless first satisfied that the confidentiality rules applied in the other territory are no less strict than those applying in the UK.

28.New paragraphs 67A(5) and 67A(6) provides the rules regarding the making of the secondary legislation to give effect to the international tax enforcement arrangements.

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