INTM700200 | International movements of capital: Repeal of the Treasury Consents regime

FA09/SCH 17/Part 1

FA09/SCH 17/Part 1 repeals the Treasury Consent legislation at ICTA88/S765, the reporting requirement at S765A together with the offence of failure to comply with S765 and the interpretative provisions at S766 and 767.

SCH 17/Para 2 contains consequential amendments removing S765A from the scope of the penalty provisions relating to special returns in TMA70/S98.

SCH 17/Para 3 carries the effect of the repeals into the Finance Acts which previously amended ICTA88/S765 to 767.

Treasury Minute dated 22 June 2009

As part of the transitional arrangements between the Treasury Consents regime and the new rules in FA09/SCH 17 the Treasury exercised its powers under ICTA88/S765(4) and issued a minute amending the general consents. The Treasury Minute inserted an additional class of transactions to which general consent would be given.

It covered transactions of the classes described in ICTA88/S765(1)(c) and (1)(d) for which no general consent was otherwise given. It applied to transactions carried out on or after 1 July 2009 and on or before the date of Royal Assent of Finance Bill 2009 (21 July 2009).

The purpose of this Minute was to provide certainty regarding the treatment of transactions carried out between the intended commencement date of the new provisions and the date on which those provisions became law following Royal Assent.