Finance Act 2003 (c. 14)

SCHEDULES

[F1 SCHEDULE 9A U.K. Increased rates for non-resident transactions

Textual Amendments

F1 Sch. 9A inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 5

PART 4 U.K. “Non-resident” in relation to a chargeable transaction: companies

Excluded companies U.K.

11 (1) A company is an “excluded company” for the purposes of paragraph 7(3)(c) if it is any of the following—

(a) a PAIF;

(b) a body corporate that is a 51% subsidiary of PAIF;

(c) a company UK REIT;

(d) a company that is a member of a group UK REIT;

(e) a company acting as a trustee of a settlement.

(2) In this paragraph—

(a) “PAIF” means a body corporate that is a property AIF for the purposes of Schedule 7A to this Act by virtue of paragraph 2(2) of that Schedule;

(b) “51% subsidiary” has the same meaning as in the Corporation Tax Acts (see Chapter 3 of Part 24 of CTA 2010);

(c) “company UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 524(5) of that Act);

(d) “group UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 523(5) of that Act).]