Finance Act 2013

Amendment of Part 33 (anti-avoidance) of Principal Act.

97.— (1) Part 33 of the Principal Act is amended—

(a) in section 811(1)(a) in the definition of “the Acts” by deleting subparagraph (v) and substituting “stamp duty, and” for “stamp duty,” in subparagraph (vi) and by inserting the following after subparagraph (vi):

“(vii) Part 18D,”,

(b) in section 811A—

(i) by deleting subsection (1C), and

(ii) in subsection (3)(b)(i) by deleting “the application of subsection (1C) to the transaction concerned or”,

and

(c) in section 817D(1) in the definition of “the Acts” by deleting paragraph (c) and substituting “those duties, and” for “those duties,” in paragraph (g) and by inserting the following after paragraph (g):

“(h) Part 18D,”.

(2) (a) Paragraph (a) of subsection (1) applies to any transaction (within the meaning of section 811(1)(a) of the Principal Act) undertaken or arranged on or after 13 February 2013.

(b) Paragraph (b) of subsection (1) applies as respects any transaction (within the meaning aforesaid)—

(i) where the whole or any part of the transaction is undertaken or arranged on or after 19 February 2008, or

(ii) the whole of which is undertaken or arranged before that date, in so far as it gives rise to, or would but for section 811 of the Principal Act give rise to—

(I) a reduction, avoidance, or deferral of any charge or assessment to tax, or part thereof, where the charge or assessment arises only by virtue of another transaction or other transactions carried out wholly on or after 19 February 2008, or

(II) a refund or payment of an amount, or of an increase in an amount of tax, or part thereof, refundable or otherwise payable to a person where, but for section 811 of the Principal Act, that amount or increase in the amount would become first so refundable or otherwise payable to the person on or after 19 February 2008.

(c) (i) In this paragraph “disclosable transaction”, “promoter” and “relevant date” have the same meaning as in Chapter 3 of Part 33 of the Principal Act.

(ii) Paragraph (c) of subsection (1) applies to—

(I) a promoter, in the case of any disclosable transaction in respect of which the relevant date falls on or after 13 February 2013, and

(II) a person referred to in section 817F, 817G or 817H(1) of the Principal Act who enters into any transaction forming part of a disclosable transaction where the whole of the disclosable transaction is undertaken on or after 13 February 2013.