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Finance Act 2014

Details of the Section

2.Subsection (1) provides that accredited competitors in the Glasgow Grand Prix who meet the non-residence conditions will be exempt from UK income tax on any income arising from Glasgow Grand Prix activities.

3.Subsection (2) defines what is meant by Glasgow Grand Prix activities for the purpose of this section.

4.Subsection (3) defines what is meant by the non-residence condition for the purpose of this section.

5.Subsection (4) provides that withholding obligations provided by section 966 of the Income Tax Act 2007 do not apply to any payment or transfer that gives rise to income which benefits from the exemption provided by this section.

6.Subsection (5) defines the terms “accredited competitor”, “the games period”, “the Glasgow Grand Prix”, and “income” for the purpose of this section.

7.Subsection (6) provides that this section is treated as having come into force on 6 April 2014.

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