PART 2Amendments to primary legislation
Taxation of Chargeable Gains Act 1992I16
1
The Taxation of Chargeable Gains Act 199222 is amended as follows.
2
In section 140A23—
a
in subsections (1) and (1A) for “member State”, in each place where the expression occurs, substitute “relevant state”;
b
in subsection (1C) for “another” substitute “a”.
3
In section 140C24—
a
in subsection (1)(a)—
i
for “another” substitute “a”;
ii
omit “other than the United Kingdom”;
b
in subsection (1A) omit “other than the United Kingdom”, in both places where the expression occurs;
c
in subsection (1C) for “another” substitute “a”.
4
In section 140DA(1)25—
a
in paragraph (b) for “member State” substitute “relevant state”;
b
in paragraph (c) for “State” substitute “relevant state”.
5
In section 140E26—
a
in subsection (2)—
i
in paragraph (a) for “member State” substitute “relevant state”;
ii
in paragraph (b) for “State” substitute “relevant state”;
iii
in paragraph (d)(ii) for “another” substitute “a”;
b
in subsection (9)(a) omit “other than the United Kingdom”.
6
In section 140F(2)27—
a
in paragraph (a) for “member State” substitute “relevant state”;
b
in paragraph (b) for “State” substitute “relevant state”;
c
in paragraph (c)—
i
for “another” substitute “a”;
ii
omit “other than the United Kingdom”;
d
in paragraph (e)(ii) for “another” substitute “a”.
7
In section 140G(2)28—
a
in paragraph (a) for “member State” substitute “relevant state”;
b
in paragraph (b) for “State” substitute “relevant state”.
8
In section 140GA29—
a
in paragraph (b) for “member State” substitute “relevant state”;
b
in paragraph (c) for “State” substitute “relevant state”.
9
In section 140H(3)30 omit “other than the United Kingdom”.
10
In section 140I(3) omit “other than the United Kingdom”.
11
In section 140J(3) omit “other than the United Kingdom”.
12
In section 140L31—
a
in subsection (1)—
i
at the end of paragraph (b) (but before the “and”) insert—
ba
“relevant state” means the United Kingdom or a member State,
ii
in paragraph (c) omit “other than the United Kingdom”;
b
for subsection (2) substitute—
2
For the purposes of those sections and subsection (1) above, a company is resident in a relevant state if—
a
it is within a charge to tax under the law of the relevant state as being resident for that purpose, and
b
it is not regarded, for the purposes of any double taxation relief arrangements to which the relevant state is a party, as resident in a territory not within a relevant state.
13
In section 151N32—
a
in subsection (1)(h) for “an EEA-regulated” substitute “a regulated”;
b
in subsection (2)—
i
at the end of paragraph (h) insert “and”;
ii
omit paragraphs (j) and (k);
c
after subsection (2) insert—
2A
In subsection (1)—
“regulated recognised stock exchange” means a recognised stock exchange that is regulated in the United Kingdom, the European Economic Area or Gibraltar;
“multilateral trading facility” means—
- a
a UK multilateral trading facility within the meaning given by Article 2.1(14A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
- b
an EU multilateral trading facility within the meaning given by Article 2.1(14B) of that Regulation, and
- c
a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar,
and in paragraph (c) “multilateral system”, “investment firm”, “market operator” and “financial instrument” have the same meanings as given by Articles 2.1(11), 2.1A, 2.1(10) and 2.1(9) respectively of that Regulation.
14
In section 241A(1) and (6)33 omit “other than the United Kingdom”.
15
In section 285A34—
a
in the heading, at the beginning insert “UK Economic Interest Groupings35”;
b
in subsection (1) after “rules about” insert “UK Economic Interest Groupings and”;
c
for subsection (5) substitute—
5
“European Economic Interest Grouping” means a grouping registered in a member State and formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25 July 1985 on the European Economic Interest Grouping36 as it has effect in EU law.