Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
43(1)The Treasury may by regulations make provision for managers of collective investment vehicles to elect to provide information to an officer of Revenue and Customs in respect of any participant in the vehicle who holds units the disposal of which would constitute an indirect disposal of UK land.U.K.
(2)The regulations may specify circumstances in which the provision of information or documents in accordance with the regulations is taken to satisfy obligations of the participant (or anyone else) to provide information or documents to an officer of Revenue and Customs.
(3)The regulations may be framed so as to apply to obligations of a description specified in the regulations.
44(1)The Treasury may by regulations make provision for managers of collective investment vehicles to elect to meet the liability to capital gains tax or corporation tax in respect of indirect disposals of UK land made by any participant in the vehicle.U.K.
(2)The regulations may make provision for a simplified calculation of the tax liability of the participant in respect of those disposals.
(3)The regulations may make provision authorising the manager of a collective investment vehicle (or anyone else of a description specified in the regulations) to deduct an amount on account of capital gains tax from amounts that would otherwise be receivable by the participant.
(4)The regulations—
(a)may provide for the times at which amounts deducted on account of capital gains tax are to be paid to Her Majesty's Revenue and Customs, and
(b)may set out the extent to which those payments meet the liability of the participant to capital gains tax or corporation tax in respect of any indirect disposal of UK land.
45(1)Regulations under this Part of this Schedule—U.K.
(a)may make different provision for different purposes, and
(b)may make supplementary, incidental, consequential or transitional or saving provision.
(2)Regulations under this Part of this Schedule may make provision having effect in relation to times before the regulations are made.]