SCHEDULES

SCHEDULE 8Minor and consequential amendments

Part 1Double taxation relief

Finance Act 1998 (c. 36)

53

FA 1998 is amended as follows.

54

1

Amend Schedule 18 (company tax returns etc) as follows.

2

In paragraph 8(1) (calculation of tax payable)—

a

in paragraph 2 of the Second step for “section 788 or 790 of that Act” substitute “ under sections 2 and 6 of TIOPA 2010 or under section 18(1)(b) and (2) of that Act ”, and

b

in paragraph 3 of that step for “that Act” substitute “ the Taxes Act 1988 ”.

3

In paragraph 22(3)(c) (records of foreign tax: not sufficient to preserve the information in them) for sub-paragraph (ii) substitute—

ii

which would have been payable under the law of a territory outside the United Kingdom (“territory F”) but for a development relief.

4

In paragraph 22 after sub-paragraph (3) insert—

4

In sub-paragraph (3)(c) “development relief” means a relief—

a

given under the law of territory F with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the United Kingdom, and

b

about which provision is made in arrangements which have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).