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Transitional Relief for Interest and Royalties paid to Non-Residents (Extension of Period) Order 1970

As Enacted Cited in Related
Vincent
JurisdictionUK Non-devolved
CitationSI 1970/325
Year1970

1970 No. 325

INCOME TAX

DOUBLE TAXATION RELIEF

The Transitional Relief for Interest and Royalties paid to Non-Residents (Extension of Period) Order 1970

2ndMarch 1970

1stApril 1970

Whereas a draft of this Order was laid before the Commons House of Parliament and approved by resolution:

Now, therefore, the Lords Commissioners of Her Majesty's Treasury, in exercise of the power conferred on them by section 32(1) of the Finance Act 1966(a) hereby make the following Order:—

1. This Order may be cited as the Transitional Relief for Interest and Royalties paid to Non-Residents (Extension of Period) Order 1970.

2. The period referred to in section 32(1) of the Finance Act 1966 as extended by the Transitional Relief for Interest and Royalties paid to Non-Residents (Extension of Period) Orders 1968(b) and 1969(c) shall be further extended to comprise the financial year 1970 in relation to residents in all overseas territories.

Walter Harrison, Neil McBride, Two of the Lords Commissioners of Her Majesty's Treasury.

2nd March 1970.

(a) 1966 c. 18.

(b) S.I. 1968/455 (1968 I, p. 1166).

(c) S.I. 1969/320 (1969 I, p. 827).

EXPLANATORY NOTE

(This Note is not part of the Order.)

This Order extends by one further year the period during which relief is available under section 32, Finance Act 1966. This section ensures that certain payments to non-residents which are relieved from United Kingdom income tax under a Double Taxation Agreement are not treated as distributions for corporation tax purposes in the hands of the United Kingdom company making them. The relief was originally given for the financial years 1966 and 1967, but...

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