The Personal Portfolio Bonds (Amendment of Property Categories in Section 520 of the Income Tax (Trading and Other Income) Act 2005) Regulations 2017
| Jurisdiction | UK Non-devolved |
| Citation | SI 2017/1182 |
| Year | 2017 |
2017 No. 1182
Income Tax
Capital Gains Tax
Corporation Tax
The Personal Portfolio Bonds (Amendment of Property Categories in Section 520 of the Income Tax (Trading and Other Income) Act 2005) Regulations 2017
Made 30th November 2017
Laid before the House of Commons 1st December 2017
Coming into force 1st January 2018
The Treasury make the following Regulations in exercise of the powers conferred by section 520(5) of the Income Tax (Trading and Other Income) Act 20051.
Citation and commencement
1. These Regulations may be cited as the Personal Portfolio Bonds (Amendment of Property Categories in Section 520 of the Income Tax (Trading and Other Income) Act 2005) Regulations 2017 and come into force on 1st January 2018.
Amendments to section 520 of the Income Tax (Trading and Other Income) Act 2005
2.—(1) Section 5202of the Income Tax (Trading and Other Income) Act 2005 is amended as follows.
(2) In the table in subsection (2)—
(a)
(a) in the entry relating to Category 3, in the second column, at the end insert “or an overseas equivalent”,
(b)
(b) in the entry relating to Category 7, in the second column, omit paragraph (a), and
(c)
(c) at the end insert—
“Category 8 |
shares in a UK REIT or an overseas equivalent |
Category 9 |
an interest in an authorised contractual scheme” |
(3) In subsection (4), at the appropriate places insert—
““authorised contractual scheme” means a contractual scheme (within the meaning given by section 235A(1) of FISMA 2000) which is authorised for the purposes of FISMA 2000 by an authorisation order in force under section 261D(1) of that Act,”,
““overseas equivalent”, in relation to an investment trust or a UK REIT, means a company—
(a) which is resident in a territory outside the United Kingdom in accordance with the law of that territory relating to taxation, and
(b) which is, under the law of that territory, the equivalent of an investment trust or a UK REIT (respectively),”,
““UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 518(4)).”.
Mark Spencer
Andrew Griffiths
Two of the Lords Commissioners of Her Majesty’s Treasury
30th November 2017
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the categories of property in the table in section 520(2) of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA 2005”) in relation...
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