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Finance Act 1991
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81Agents acting for non-residents
(1)Section 78 of the [1970 c. 9.] Taxes Management Act 1970 (method of charging non-residents) shall be amended as mentioned in subsections (2) to (4) below.
(2)In subsection (3) (meaning of investment transactions) the following paragraph shall be substituted for paragraph (a)—
“(a)transactions in shares, stock, futures contracts, options contracts or securities of any description not mentioned in this paragraph, but excluding futures contracts or options contracts relating to land,”.
(3)The following subsection shall be inserted after subsection (3)—
“(3A)For the purposes of subsection (3) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.”
(4)Subsection (4) (provision about investment transactions does not apply to profits or gains which constitute income of an offshore fund) shall be omitted.
(5)This section shall apply—
(a)for the year 1991-92 and subsequent years of assessment, in the case of profits or gains chargeable to income tax, and
(b)for accounting periods ending on or after 1st April 1991, in the case of profits or gains chargeable to corporation tax.
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