Modifications etc. (not altering text)
C1Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Textual Amendments
F1Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7
(1)The Treasury may by regulations make provision about the fiscal consequences of the exercise of [F2the power to make a mandatory reduction instrument or] a stabilisation power.
(2)Regulations may relate to—
(a)capital gains tax;
(b)corporation tax;
(c)income tax;
(d)inheritance tax;
(e)stamp duty;
(f)stamp duty land tax;
(g)stamp duty reserve tax.
(3)Regulations may apply to—
(a)anything done in connection with an instrument or order;
(b)things transferred or otherwise affected by virtue of an instrument or order;
(c)a transferor or transferee under an instrument or order;
(d)persons otherwise affected by an instrument or order.
(4)Regulations may—
(a)modify or disapply an enactment;
(b)provide for an action to have or not have specified consequences;
(c)provide for specified classes of property (including securities), rights or liabilities to be treated, or not treated, in a specified way;
(d)withdraw or restrict a relief;
(e)extend, restrict or otherwise modify a charge to tax;
(f)provide for matters to be determined by the Treasury in accordance with provision made by or in accordance with the regulations.
(5)Regulations may make provision for the fiscal consequences of the exercise of [F3the power to make a mandatory reduction instrument or] a stabilisation power in respect of things done—
(a)during the period of three months before the date on which [F4the power to make the mandatory reduction instrument or (as the case may be)] the stabilisation power is exercised, or
(b)on or after that date.
[F5(5A)Where the mandatory reduction provision required by section 6B is made in two or more mandatory reduction instruments, in subsection (5)(a) above the reference to the date on which the power to make the mandatory reduction instrument is exercised is, in relation to any of those instruments, a reference to the date on which the power is exercised to make the first of those instruments.]
(6)In relation to the exercise of a supplemental or onward instrument or order under section 26, 27, 28, 30, 42, 43[F6, 45, 48U or 48V], in subsection (5)(a) above “the stabilisation power” is a reference to the first stabilisation power in connection with which the supplemental or onward instrument or order is made.
(7)The Treasury may by order amend subsection (2) so as to—
(a)add an entry, or
(b)remove an entry.
(8)Regulations or an order under this section—
(a)shall be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of the House of Commons.
Textual Amendments
F2Words in s. 74(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 81(2)
F3Words in s. 74(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 81(3)(a)
F4Words in s. 74(5)(a) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 81(3)(b)
F5S. 74(5A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 81(4)
F6Words in s. 74(6) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 24; S.I. 2014/3160, art. 2(1)(b)
Commencement Information
I1S. 74 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 74 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1