Statutory Instruments
2000 No. 3158
INCOME TAX
The Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations 2000
Made
29th November 2000
Laid before the House of Commons
29th November 2000
Coming into force
20th December 2000
The Commissioners of Inland Revenue, in exercise of the powers conferred upon them by section 750A(2) to (4) of the Income and Corporation Taxes Act 1988( 1 ), hereby make the following Regulations:
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Controlled Foreign Companies (Designer Rate Tax Provisions) Regulations 2000 and shall come into force on 20th December 2000.
(2) These Regulations have effect in relation to any accounting period of a company resident outside the United Kingdom which begins on or after 6th October 1999.
Interpretation
2. In these Regulations “the Board” means the Commissioners of Inland Revenue.
Specified designer rate tax provisions
3. For the purposes of section 750A(1) of the Income and Corporation Taxes Act 1988(deemed lower level of taxation: designer rate tax provisions) the following provisions are specified, being provisions which appear to the Board to be designed to enable companies to exercise significant control over the amount of tax which they pay—
(a) the provisions contained in Part XVIIA (international bodies) of the Income Tax (Guernsey) Law, 1975( 2 );
(b) Article 123B (international business companies) of the Income Tax (Jersey) Law 1961( 3 );
(c) the provisions contained in Part 1 (International Companies) of the Isle of Man International Business Act 1994( 4 ), and the provisions contained in Part 3 (Miscellaneous and Supplemental) of that Act so far as relating to Part 1 of that Act;
(d) section 41 (rates for qualifying companies) of the Gibraltar Income Tax Ordinance( 5 ).
Ann Chant
Dave Hartnett
Two of the Commissioners of Inland Revenue
29th November 2000
1988 c. 1 ; section 750A was inserted by paragraph 3 of Schedule 31 to the Finance Act 2000 (c. 17) .
Ordres en Conseil Vol. xxv, p.124. Part XVIIA was inserted by the Income Tax (International Bodies) (Guernsey) Law, 1995.
Volume 1988–1989, page 384, and Volume 1994–1995, page 224. Article 123B was inserted by Finance (Jersey) Law 1995 and amended by Finance (No. 2) (Jersey) Law 1995 and Article 9 Finance (Jersey) Law 1998.
1994 c. 3 , amended by the Isle of Man International Business (Amendment) Act 1994 (c. 4) .
Section 41 was amended by section 3 of the Income Tax (Amendment) Ordinance, 1994, section 2 of the Income Tax (Amendment) Ordinance, 1996, and section 2 of the Income Tax (Amendment) Ordinance, 1999.