Taxes Management Act 1970 (c. 9)

[F1 PART 7A U.K. Holders of licences under the Petroleum Act 1998

Textual Amendments

F1 Pt. 7A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 2 (with Sch. 9 paras. 1-9, 22)

Licence-holders' liabilities for tax assessed on non-UK residents U.K.

77E Exception for certain pre-1974 cases U.K.

(1) Section 77C(1) does not give power to serve a secondary-liability notice on the holder of a licence if the profits arose, or the chargeable gains accrued, to the assessed person in consequence of a contract made by the holder before 23 March 1973.

(2) The exception under subsection (1) does not apply if—

(a) the assessed person is connected with the holder, or

(b) the contract was substantially varied on or after 23 March 1973.

(3) For the purposes of subsection (2), whether a person is connected with another is determined in accordance with section 1122 of CTA 2010.]