- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The Treasury may by order make provision varying the way in which a relevant tax has effect in relation to—
(a)anything transferred under a transfer scheme, or
(b)anything done for the purposes of, or in relation to, a transfer under a transfer scheme.
(2)The provision which may be made under subsection (1)(a) includes, in particular, provision for—
(a)a tax provision not to apply, or to apply with modifications, in relation to anything transferred,
(b)anything transferred to be treated in a specified way for the purposes of a tax provision,
(c)the Secretary of State to be required or permitted to determine, or specify the method for determining, anything which needs to be determined for the purposes of any tax provision so far as relating to anything transferred.
(3)The provision which may be made under subsection (1)(b) includes, in particular, provision for—
(a)a tax provision not to apply, or to apply with modifications, in relation to anything done for the purposes of, or in relation to, the transfer,
(b)anything done for the purposes of, or in relation to, the transfer to have or not have a specified consequence or be treated in a specified way,
(c)the Secretary of State to be required or permitted to determine, or specify the method for determining, anything which needs to be determined for the purposes of any tax provision so far as relating to anything done for the purposes of, or in relation to, the transfer.
(4)The power to make an order under this section—
(a)is exercisable by statutory instrument,
(b)includes power to make consequential, supplementary, incidental, transitional, transitory or saving provision,
(c)may, in particular, be exercised by amending, repealing, revoking or otherwise modifying any provision made by or under an enactment (whenever passed or made).
(5)A statutory instrument containing an order under this section is subject to annulment in pursuance of a resolution of the House of Commons.
(6)In this section—
“enactment” includes an Act of the Scottish Parliament, a Measure or Act of the National Assembly for Wales and Northern Ireland legislation,
“relevant tax” means income tax, corporation tax, capital gains tax, stamp duty, stamp duty reserve tax or stamp duty land tax,
“tax provision” means any provision—
about a relevant tax, and
made by or under an enactment,
“transfer scheme” means a transfer scheme under section 88,
and references to the transfer of property include the grant of a lease.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: