PART 11Administration, enforcement and supplementary powers

Qualifying transformer vehicles

183Qualifying transformer vehicles

1

In this section “qualifying transformer vehicle” means a transformer vehicle which meets conditions which are specified in regulations made by the Treasury.

2

The Treasury may by regulations make provision about the treatment for the purposes of any enactment relating to taxation of—

a

qualifying transformer vehicles;

b

investors in qualifying transformer vehicles;

c

transactions involving qualifying transformer vehicles.

3

Regulations under subsection (2) may, in particular, disapply, apply (with or without modification) or modify the application of any enactment.

4

Without limiting the generality of subsection (2), regulations under that subsection may in particular include—

a

provision for profits or other amounts to be calculated with any adjustments, or on any basis, set out in the regulations;

b

provision conferring, altering or removing an exemption or relief;

c

provision about the treatment of arrangements the purpose, or one of the main purposes, of which is to secure a tax advantage;

d

provision about collection and enforcement (including the withholding of tax);

e

in relation to qualifying transformer vehicles, requirements with regard to the provision of information to investors;

f

in relation to qualifying transformer vehicles or investors in qualifying transformer vehicles, requirements with regard to—

i

the provision of information to Her Majesty's Revenue and Customs,

ii

the preparation of accounts,

iii

the keeping of records, or

iv

other administrative matters.

5

Regulations under this section—

a

may provide for Her Majesty's Revenue and Customs to exercise a discretion in dealing with any matter;

b

may make provision by reference to rules, guidance or other documents issued by any person (as they have effect from time to time).

6

Regulations under this section may—

a

make different provision for different cases or different purposes (including different provision in relation to different descriptions of qualifying transformer vehicle or, as the case may be, transformer vehicle);

b

contain incidental, supplementary, consequential and transitional provision and savings.

7

Regulations under this section are to be made by statutory instrument.

8

A statutory instrument containing regulations under subsection (1) is subject to annulment in pursuance of a resolution of the House of Commons.

9

But the first set of regulations under subsection (1) may not be made unless a draft has been laid before, and approved by a resolution of, the House of Commons.

10

A statutory instrument containing regulations under subsection (2) may not be made unless a draft has been laid before, and approved by a resolution of, the House of Commons.

11

In this section—

  • enactment” includes subordinate legislation (as defined in section 21 of the Interpretation Act 1978);

  • investors” in relation to a qualifying transformer vehicle means holders of investments issued by the qualifying transformer vehicle; and for this purpose “investment” includes any asset, right or interest;

  • tax advantage” has the meaning given by section 1139 of CTA 2010;

  • transformer vehicle” has the same meaning as in section 284A of the Financial Services and Markets Act 2000.