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.
Introduction Summary