Finance Act 2020
|
Mandatory disclosure of certain transactions | ||
|
59. The Principal Act is amended— | ||
(a) in Part 33— | ||
(i) in section 817O— | ||
(I) in subsection (1)(b), by substituting “section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be,” for “section 817E, 817F, 817G or 817H(1),”, and | ||
(II) in subsection (2), by substituting the following definition for the definition of “relevant day”: | ||
“‘relevant day’ means the first day after the end of the period specified in section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be, during which the obligation imposed on a person by section 817E(a), 817E(b), 817F, 817G or 817H(1), as the case may be, shall be discharged.”, | ||
(ii) in section 817RA(1), by inserting the following definition: | ||
“‘the Acts’ means— | ||
(a) Parts 18C and 18D, | ||
(b) the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act, | ||
(c) the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act, | ||
(d) the Capital Gains Tax Acts, | ||
(e) the Tax Acts, and | ||
(f) any instruments made under any of the enactments referred to in paragraphs (a) to (e);”, | ||
(iii) in section 817RB, by substituting the following subsection for subsection (2): | ||
“(2) The reference in subsection (1) to ‘taxes’ shall not include, nor be construed as including, a reference to any of the following: | ||
(a) value-added tax, customs duties, or excise duties covered by other legislation of the European Union on administrative cooperation between Member States; | ||
(b) compulsory social security contributions payable to a Member State or a subdivision of a Member State or to social security institutions established under public law; | ||
(c) fees, such as for certificates and other documents issued by public authorities; | ||
(d) dues of a contractual nature, such as consideration for public utilities.”, | ||
(iv) in section 817RC— | ||
(I) by inserting the following subsection after subsection (6): | ||
“(6A) An intermediary shall be exempt from making a return to the Revenue Commissioners under this section if the intermediary has received, in writing, from any other intermediary involved in the same reportable cross-border arrangement— | ||
(a) confirmation that such other intermediary has provided the specified information to the competent authority of another Member State, | ||
(b) a copy of the specified information provided to the competent authority referred to in paragraph (a), and | ||
(c) the reference number assigned to the arrangement by the competent authority referred to in paragraph (a).”, | ||
and | ||
(II) by substituting the following subsection for subsection (10): | ||
“(10) Where subsection (9)(b) applies, the intermediary concerned shall, without delay, notify the relevant taxpayer of the obligations imposed on that relevant taxpayer under this Chapter.”, | ||
(v) in section 817RD— | ||
(I) by substituting the following subsection for subsection (5): | ||
“(5) A relevant taxpayer shall be exempt from making a return to the Revenue Commissioners under this section if the relevant taxpayer has received, in writing, from an intermediary or any other relevant taxpayer involved in the same reportable cross-border arrangement, as the case may be— | ||
(a) confirmation that such intermediary or such other relevant taxpayer, as the case may be, has provided the specified information to the Revenue Commissioners in a return made under this Chapter, and | ||
(b) the reference number assigned to the arrangement by the Revenue Commissioners.”, | ||
and | ||
(II) by substituting the following subsection for subsection (8): | ||
“(8) Any person who obtains or seeks to obtain a tax advantage from a reportable cross-border arrangement shall be a chargeable person for the purposes of Part 41A where such tax advantage is in respect of a tax, duty, levy or charge which is placed under the care and management of the Revenue Commissioners in accordance with the Acts.”, | ||
and | ||
(vi) by inserting the following section after section 817RH: | ||
“Specified arrangements | ||
817RI. (1) For the purposes of this section, ‘specified arrangement’ means an arrangement that is within one of the classes of arrangements specified in Schedule 34. | ||
(2) A specified arrangement which— | ||
(a) would, but for the operation of this section, contain the hallmark described in paragraph (3) of category A of the hallmarks, | ||
(b) satisfies the main benefit test referred to in Annex IV of the Directive, and | ||
(c) meets the conditions specified in subsection (3), | ||
shall be deemed not to contain the hallmark described in paragraph (3) of category A of the hallmarks. | ||
(3) The conditions referred to in subsection (2) are that— | ||
(a) the tax advantage arises solely by virtue of the arrangement being within one of the classes of arrangements specified in Schedule 34, and | ||
(b) the specified arrangement is not a tax avoidance transaction within the meaning of section 811C.”, | ||
and | ||
(b) by inserting the following Schedule after Schedule 33: | ||
“SCHEDULE 34 | ||
Section 817RI | ||
Specified arrangements referred to in section 817RI | ||
The classes of arrangements referred to in section 817RI are as follows: | ||
1. A salary sacrifice arrangement approved under section 118B. | ||
2. The occupation of woodlands as provided for by section 232. | ||
3. The disposal by an individual of woodland as provided for by section 564. | ||
4. A retirement benefits scheme within the meaning of section 771, for the time being approved by the Revenue Commissioners for the purposes of Chapter 1 of Part 30. | ||
5. An annuity contract or a trust scheme, or part of a Trust Scheme, for the time being approved by the Revenue Commissioners under section 784. | ||
6. A PRSA contract (within the meaning of section 787A) in respect of a PRSA product (within the meaning of that section). | ||
7. A qualifying overseas pension plan within the meaning of Chapter 2B of Part 30. | ||
8. A profit sharing scheme approved by the Revenue Commissioners under Part 2 of Schedule 11. | ||
9. An employee share ownership trust approved by the Revenue Commissioners under paragraph 2 of Schedule 12. | ||
10. A savings-related share option scheme approved by the Revenue Commissioners under paragraph 2 of Schedule 12A. | ||
11. A certified contractual savings scheme certified by the Revenue Commissioners under Schedule 12B. | ||
12. A share option scheme approved by the Revenue Commissioners under paragraph 2 of Schedule 12C.”. |