Statutory Instruments
2009 No. 3333
Income Tax
The Tax Credits (Excluded Companies) Regulations 2009
Made
15th December 2009
Coming into force
22nd April 2009
The Treasury make the following Regulations in exercise of the powers conferred by sections 397BA(3)(b) and (7)( 1 ) of the Income Tax (Trading and Other Income) Act 2005( 2 ).
In accordance with section 397BA(8) of that Act, a draft of this instrument was laid before the House of Commons and approved by a resolution of that House.
Citation, commencement and effect
1. These Regulations may be cited as the Tax Credits (Excluded Companies) Regulations 2009 and shall have effect from 22nd April 2009 for the tax year 2009-2010 and subsequent tax years.
Excluded companies
2. —(1) A territory which satisfies section 397BA(2)(a) and (b) of the Income Tax (Trading and Other Income) Act 2005 is nevertheless not a qualifying territory for the purposes of section 397AA( 3 ) of that Act in relation to the company which makes the relevant distribution if that company is an excluded company.
(2) For the purposes of this regulation, an excluded company is one which is excluded from one or more of the benefits of any double taxation relief arrangements for the time being in force in relation to that territory.
Dave Watts
Tony Cunningham
Two of the Lords Commissioners to Her Majesty’s Treasury
15th December 2009
Section 397BA was inserted by section 40 and paragraphs 1 and 5 as read with paragraph 14, of Schedule 19 to the Finance Act 2009 (c. 10) .
Section 397AA was inserted by section 40 and paragraphs 1 and 3 as read with paragraph 14, of Schedule 19 to the Finance Act 2009.