Introduction Summary
1.Section 37 provides for the repeal of the Treasury Consents legislation in sections 765 to 767 of the Income and Corporation Taxes Act 1988 (ICTA) and its replacement with a requirement to report the details of certain transactions whose value exceeds £100 million to HM Revenue and Customs (HMRC). The detailed provisions are in Schedule 17.
2.These changes are being introduced as a result of the Government’s review of the taxation of foreign profits and have effect for events or transactions taking place on or after 1 July 2009.