Introduction Overview Chapter 5: Other Corporation Tax Acts provisions Section 1171: Orders and regulations
3323.This section sets out the rules for making orders and regulations. It is based on section 828 of ICTA. The corresponding provision for income tax is in section 1014 of ITA.
3324.Subsection (2) identifies “excluded powers”. These are the powers that have their own rules. Paragraphs (a) to (h) deal with powers in other Acts, in which sections corresponding to this section provide rules.
3325.Paragraph (g)(i) deals with the power to designate a market, so that it is treated in the same way as a recognised stock exchange. This exclusion rewrites the mention of section 578B(9ZA) of ICTA in section 828(2) of ICTA.
3326.Paragraph (g)(ii) deals with the power to specify an investment transaction for the purposes of the rules for permanent establishments. This exclusion rewrites the mention of paragraph 3(3) of Schedule 26 to FA 2003 in section 828(2) of ICTA.
3327.Subsection (5) sets out three exceptions to the rule in subsection (4) that a statutory instrument is subject to the negative resolution procedure.
3328.Paragraph (a) deals with the power in section 73A of FA 2004 to designate an international organisation so that the construction industry scheme does not apply to it. See Change 64 in Annex 1.
3329.Paragraph (b)(i) deals with the power to designate an international organisation as a bank. This exception rewrites the mention of section 840A(1)(d) of ICTA in section 828(4) of ICTA.
3330.Paragraph (b)(ii) deals with the new power in section 1180(2) to make transitional or savings provision.