280U.K.ITA 2007 is amended as follows.
281U.K.In section 2(14) (overview of Act)—
(a)omit the “and” immediately after paragraph (b), and
(b)after paragraph (b) insert—
“(ba)rules about UK representatives of non-UK residents (Chapters 2B and 2C),”.
282U.K.In section 813(2) (meaning of “disregarded income”) for “section 126 of, and Schedule 23 to, FA 1995 (UK representatives of non-UK residents)” substitute “ Chapter 2B ”.
283(1)Amend section 817 (independent broker conditions) as follows.U.K.
(2)In subsection (3) omit “by the broker”.
(3)In subsection (5) for “section 126 of, and Schedule 23 to, FA 1995” substitute “ Chapter 2B of this Part, or of Chapter 1 of Part 7A of TCGA 1992, ”.
284U.K.In section 824 (application of 20% rule to collective investment schemes) at the end of subsection (2) insert “ (so far as the transaction is one in respect of which such amounts so arise or accrue) ”.
285(1)Amend section 1014(2) (orders and regulations to which section does not apply) as follows.U.K.
(2)Omit paragraph (ba).
(3)In paragraph (g)—
(a)omit the word “and” at the end of sub-paragraph (iib), and
(b)after that sub-paragraph insert—
“(iic)section 835S(4) (meaning of “investment transaction”), and”.
286U.K.In Schedule 4 (index of defined expressions) at the appropriate places insert—
| “beneficial entitlement (in Chapter 2B of Part 14) | section 835O(4)” |
| “branch or agency (in Chapter 2B of Part 14) | section 835S(2)” |
| “independent agent (in Chapter 2C of Part 14) | section 835Y” |
| “the independent broker conditions (in Chapter 2B of Part 14) | section 835L” |
| “the independent investment manager conditions (in Chapter 2B of Part 14) | section 835M” |
| “investment manager (in Chapter 2B of Part 14) | section 835S(3)” |
| “investment transaction (in Chapter 2B of Part 14) | section 835S(4)” |
| “qualifying period (in Chapter 2B of Part 14) | section 835O(2)” |
| “relevant disregarded income (in Chapter 2B of Part 14) | section 835O(3)” |