Part 2

Abolition of the Horserace Betting Levy System

Tax
18
1
The Treasury may make regulations providing—
a
for a tax provision not to apply, or to apply with modifications, in respect of anything done under or in consequence of a transfer scheme;
b
for anything done under or in consequence of a transfer scheme to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision;
c
for anything done in connection with, or done by a person with rights in connection with, anything that was at any time transferred under a transfer scheme, to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision;
d
for a tax provision not to apply, or to apply with modifications, in respect of anything transferred under a transfer scheme;
e
for anything transferred under a transfer scheme to be treated in a specified way for the purposes of a tax provision;
f
for the withdrawal of relief (whether or not granted by virtue of the regulations), and the charging of tax, in connection with anything done under or in consequence of a transfer scheme where a specified event occurs, or specified conditions are satisfied, whether on or after the commencement of the scheme;
g
for a power under this Part, or anything done in exercise of a power under this Part, to have or not have a specified consequence, or to be treated in a specified way, for the purposes of a tax provision.
2
In subsection (1) “tax provision” means a provision of an enactment about income tax, corporation tax, capital gains tax, stamp duty, stamp duty land tax or stamp duty reserve tax.
3
Regulations under this section—
a
shall be made by statutory instrument, and
b
shall be subject to annulment in pursuance of a resolution of either House of Parliament.