Change 1 Article Choose an article Title and introductory text 1 Rates of tobacco products duty 2 Rate of duty on beer 3 Rates of duty on wine and made-wine 4 Rates of hydrocarbon oil duties 5 Rebates on hydrocarbon oil duties 6 General betting duty and pool betting duty: relief for losses 7 General betting duty: betting exchanges 8 General betting duty: restriction of exemption for on-course bets 9 Bingo duty 10 Amusement machines not operated by coins or tokens 11 Amusement machines: use of currencies other than sterling 12 Responsibility for unlicensed amusement machines 13 Rates of gaming duty 14 Vehicle excise duty: rates 15 Disclosure for exemptions: Northern Ireland 16 Duty at higher rate: exception for tractive units 17 Requirement of evidence or security 18 Joint and several liability for unpaid VAT of another trader 19 Face-value vouchers 20 Supplies arising from prior grant of fee simple 21 Business gifts 22 Non-business use of business property 23 Supply of electronic services in member States: special accounting scheme 24 Introductory 25 Penalty for evasion 26 Penalty for contravention of relevant rule 27 Exceptions from section 26 28 Liability of directors etc where body corporate liable to penalty for evasion 29 Reduction of penalty under section 25 or 26 30 Demands for penalties 31 Time limits for demands for penalties 32 No prosecution after demand notice for penalty under section 26 33 Right to appeal against certain decisions 33A Offer of review 33B Review by HMRC 33C Extensions of time 33D Review out of time 33E Nature of review etc 33F Bringing of appeals 34 Time limit and right to further review 35 Powers of Commissioners on a review 36 Appeals to a tribunal 37 Appeal tribunals 38 Admissibility of certain statements and documents 39 Service of notices 40 Penalties not to be deducted for income tax or corporation tax purposes 41 Regulations and orders 42 The tax 43 Land transactions 44 Contract and conveyance 44A Contract providing for conveyance to third party 45 Transactions entered into before completion of contract 45A Contract providing for conveyance to third party: effect of transfer of rights 46 Options and rights of pre-emption 47 Exchanges 48 Chargeable interests 48A Interests, transactions and consideration where land in England and Wales 49 Chargeable transactions 50 Chargeable consideration 51 Contingent, uncertain or unascertained consideration 52 Annuities etc: chargeable consideration limited to twelve years' payments 53 Deemed market value where transaction involves connected company 54 Exceptions from deemed market value rule 55 Amount of tax chargeable: general 55A Amount of tax chargeable: higher rate for certain transactions 56 Amount of tax chargeable: rent 57 Disadvantaged areas relief 57A Sale and leaseback arrangements 57AA First-time buyers 57B First-time buyers 58A Relief for certain acquisitions of residential property 58B Relief for new zero-carbon homes 58C Relief for new zero-carbon homes: supplemental 58D Transfers involving multiple dwellings 60 Compulsory purchase facilitating development 61 Compliance with planning obligations 61A Relief for special tax sites 62 Group relief and reconstruction or acquisition relief 63 Demutualisation of insurance company 64 Demutualisation of building society 64A Initial transfer of assets to trustees of unit trust scheme 65 Incorporation of limited liability partnership 65A Seeding relief 66 Transfers involving public bodies 66A Resolution of financial institutions 67 Transfer in consequence of reorganisation of parliamentary constituencies 67A Acquisitions by certain health service bodies 68 Charities relief 69 Acquisition by bodies established for national purposes 70 Right to buy transactions, shared ownership leases etc 71 Certain acquisitions by registered providers of social housing etc 71A Alternative property finance: land sold to financial institution and leased to person 72 Alternative property finance in Scotland: land sold to financial institution and leased to person 72A Alternative property finance in Scotland: land sold to financial institution and person in common 73 Alternative property finance: land sold to financial institution and re-sold to person 73A Sections 71A to 73: relationship with Schedule 7 73AB Section 71A : arrangements to transfer control of financial institution 73B Exempt interests 73BA Meaning of “financial institution” 73C Alternative finance investment bonds 73CA Sections 71A to 73: first-time buyers 74 Exercise of collective rights by tenants of flats 75 Crofting community right to buy 75ZA Increased rates for non-resident transactions 75A Anti-avoidance 75B Anti-avoidance: incidental transactions 75C Anti-avoidance: supplemental 76 Duty to deliver land transaction return 77 Notifiable transactions 77A Exceptions for certain acquisitions of major interests in land 78 Returns, enquiries, assessments and related matters 78A Disclosure of information contained in land transaction returns 79 Registration of land transactions etc 80 Adjustment where contingency ceases or consideration is ascertained 81 Further return where relief withdrawn 81ZA Alternative finance arrangements: return where relief withdrawn 81A Return or further return in consequence of later linked transaction 81B Declaration by person authorised to act on behalf of individual 82 Loss or destruction of, or damage to, return etc 82A Claims not included in returns 83 Formal requirements as to assessments, penalty determinations etc 84 Delivery and service of documents 85 Liability for tax 86 Payment of tax 87 Interest on unpaid tax 87A Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes) 88 Interest on penalties 89 Interest on repayment of tax overpaid etc 90 Application to defer payment in case of contingent or uncertain consideration 91 Collection and recovery of tax etc 92 Payment by cheque 93 Information powers 94 Power to inspect premises 95 Offence of fraudulent evasion of tax 96 Penalty for assisting in preparation of incorrect return etc 97 Power to allow further time and reasonable excuse for failure 98 Admissibility of evidence not affected by offer of settlement etc 99 General provisions about penalties 100 Companies 101 Unit trust schemes 102 Open-ended investment companies 102A Co-ownership ... contractual schemes 103 Joint purchasers 104 Partnerships 105 Trustees 106 Persons acting in a representative capacity etc 107 Crown application 108 Linked transactions 109 General power to vary this Part by regulations 110 Approval of regulations under general power 111 Claim for repayment if regulations under general power not approved 112 Power to amend certain provisions before implementation 113 Functions conferred on “the Inland Revenue” 114 Orders and regulations made by the Treasury or the Inland Revenue 115 General and Special Commissioners, appeals and other proceedings 116 Meaning of “residential property” 117 Meaning of “major interest” in land 118 Meaning of “market value” 119 Meaning of “effective date” of a transaction 120 Further provisions relating to leases 121 Minor definitions 122 Index of defined expressions 123 Consequential amendments 124 Commencement and transitional provisions 125 Abolition of stamp duty except on instruments relating to stock or marketable securities 126 Circumstances in which group relief withdrawn 127 Circumstances in which relief for company acquisitions withdrawn 128 Exemption of certain leases granted by registered social landlords 129 Relief for certain leases granted before section 128 has effect 130 Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000 131 Charge and rates for 2003-04 132 Indexed rate bands for 2003-04: PAYE deductions etc 133 Charge and main rate for financial year 2004 134 Small companies' rate and fraction for financial year 2003 135 Corporation tax starting rate and fraction for financial year 2003 136 Provision of services through intermediary 137 Exemption where homeworker’s additional expenses met by employer 138 Taxable benefits: lower threshold for cars with a CO2 emissions figure 139 Approved share plans and schemes 140 Employee securities and options 141 Corporation tax relief for employee share acquisitions 142 Ending of relief for contributions to QUESTS 143 Restriction of deductions for employee benefit contributions 144 PAYE on notional payments: reimbursement period 145 PAYE: regulations and notional payments 146 Payroll giving: extension of 10% supplement to 5th April 2004 147 Sub-contractor deductions etc: interest on late payment or repayment 148 Meaning of “permanent establishment” 149 Non-resident companies: basis of charge to corporation tax 150 Non-resident companies: assessment, collection and recovery of corporation tax 151 Non-resident companies: extent of charge to income tax 152 Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent 153 General replacement of references to branch or agency of company 154 Double taxation relief: profits attributable to overseas permanent establishment 155 Consequential amendments 156 Overseas life insurance companies 157 Life insurance policies and deferred annuity contracts 158 Application of market value rule in case of exercise of option 159 Reporting limits and annual exempt amount 160 Taper relief: assets qualifying as business assets 161 Earn-out rights to be treated as securities unless contrary election 162 Deferred unascertainable consideration: election for treatment of loss 163 Transfers of value: attribution of gains to beneficiaries 164 Avoidance affecting proceeds of balancing event 165 Extension of first-year allowances for ICT expenditure by small enterprises 166 Expenditure on software for sub-licensing 167 First-year allowances for expenditure on environmentally beneficial plant or machinery 168 Relief for research and development 169 Tonnage tax: extension of capital allowance restrictions on lessors of ships 170 Insurance companies 171 Policies of life insurance etc: miscellaneous amendments 172 Charges under life insurance policies for exceptional risk of disability 173 Gains on policies of life insurance etc: rate of tax 174 Personal pension arrangements: limit on contributions 175 Payments to adopters 176 Foster carers 177 Currency contracts and currency options 178 Loan relationships: amendments 179 Derivative contracts: transactions within groups 180 Contributions to urban regeneration companies 181 Repos etc 182 Relevant discounted securities: withdrawal of relief for costs and losses, etc 183 Court common investment funds 184 Intangible fixed assets: tax avoidance arrangements and related parties 185 Gifts with reservation 186 Authorised unit trusts, OEICs and common investment funds 187 Rate of landfill tax 188 Exemption for fuel used in recycling processes 189 CHP exemption to be based on current efficiency 190 Supplies not known to be taxable when made, etc 191 Deemed supplies 192 Amendments about registration, payment etc 193 Electricity from renewable sources etc 194 Higher rate of tax: divided companies 195 Companies acquiring their own shares 196 Companies in administration 197 Exchange of information between tax authorities of member States 198 Arrangements for mutual exchange of tax information 199 Savings income: Community obligations and international arrangements 200 Controlled foreign companies: exempt activities 201 Application of CFC provisions to Hong Kong and Macao companies 202 Deduction of tax from interest: recognised clearing houses etc 203 Authorised unit trusts: interest distributions paid gross 204 Mandatory electronic payment 205 Use of electronic means of payment under other provisions 206 Admissibility of evidence not affected by offer of settlement etc 207 Consequential claims etc 208 Ordinary accounts and investment accounts 209 Abolition of accounting requirements relating to investment deposits 210 Payments for service of national debt 211 Definition of liabilities and assets of National Loans Fund 212 Accounts of Consolidated Fund and National Loans Fund 213 Debt Management Account: abolition of borrowing cap 214 Payments in error from or to National Loans Fund 215 Interpretation 216 Repeals 217 Short title SCHEDULE 1 VAT: face-value vouchers SCHEDULE 2A Transactions entered into before completion of contract SCHEDULE 3 Stamp duty land tax: transactions exempt from charge SCHEDULE 4 Stamp duty land tax: chargeable consideration SCHEDULE 4ZA Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies SCHEDULE 4A Stamp duty land tax: higher rate for certain transactions SCHEDULE 5 Stamp duty land tax: amount of tax chargeable: rent SCHEDULE 6ZA Relief for first-time buyers SCHEDULE 6A Relief for certain acquisitions of residential property Schedule 6B Transfers involving multiple dwellings SCHEDULE 6C Stamp duty land tax: relief for special tax sites SCHEDULE 7 Stamp duty land tax: group relief and reconstruction and acquisition reliefs SCHEDULE 7A Seeding relief SCHEDULE 8 Stamp duty land tax: charities relief SCHEDULE 9 Stamp duty land tax: right to buy, shared ownership leases etc SCHEDULE 9A Increased rates for non-resident transactions SCHEDULE 10 Stamp duty land tax: returns, enquiries, assessments and appeals SCHEDULE 11 Stamp duty land tax: record-keeping where transaction is not notifiable SCHEDULE 11A Stamp duty land tax: claims not included in returns SCHEDULE 12 Stamp duty land tax: collection and recovery of tax SCHEDULE 13 Stamp duty land tax: information powers SCHEDULE 14 Stamp duty land tax: determination of penalties and related appeals SCHEDULE 15 Stamp duty land tax: partnerships SCHEDULE 16 Stamp duty land tax: trusts and powers SCHEDULE 17A Further provisions relating to leases SCHEDULE 18 Stamp duty land tax: consequential amendments SCHEDULE 19 Stamp duty land tax: commencement and transitional provisions SCHEDULE 20 Stamp duty: restriction to instruments relating to stock or marketable securities SCHEDULE 21 Approved share plans and schemes SCHEDULE 22 Employee securities and options SCHEDULE 27 Permanent establishment etc: consequential amendments SCHEDULE 28 Capital gains tax: reporting limits and annual exempt amount SCHEDULE 29 Transfers of value: attribution of gains to beneficiaries SCHEDULE 30 First-year allowances for expenditure on environmentally beneficial plant or machinery SCHEDULE 32 Tonnage tax: restrictions on capital allowances for lessors of ships SCHEDULE 33 Insurance companies SCHEDULE 35 Gains on policies of life insurance etc: rate of tax SCHEDULE 38 Sale and repurchase of securities etc SCHEDULE 39 Relevant discounted securities: withdrawal of relief for costs and losses, etc SCHEDULE 40 Acquisition by company of its own shares SCHEDULE 41 Companies in administration SCHEDULE 42 Controlled foreign companies: exempt activities SCHEDULE 43 Repeals
What to do with it
As published
73AB Section 71A : arrangements to transfer control of financial institution
(1) Section 71A... does not apply to alternative finance arrangements if those arrangements, or any connected arrangements, include arrangements for a person to acquire control of the relevant financial institution.
(2) That includes arrangements for a person to acquire control of the relevant financial institution only if one or more conditions are met (such as the happening of an event or doing of an act).
(3) In this section—
“alternative finance arrangements” means the arrangements referred to in section 71A(1)...;
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
“connected arrangements” means any arrangements entered into in connection with the making of the alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements);
“relevant financial institution” means the financial institution which enters into the alternative finance arrangements.
(4) Section 1124 of the Corporation Tax Act 2010 applies for the purposes of determining who has control of the relevant financial institution.
Your wording
Your change, as a redline
73AB Section 71A : arrangements to transfer control of financial institution
(1) Section 71A... does not apply to alternative finance arrangements if those arrangements, or any connected arrangements, include arrangements for a person to acquire control of the relevant financial institution.
(2) That includes arrangements for a person to acquire control of the relevant financial institution only if one or more conditions are met (such as the happening of an event or doing of an act).
(3) In this section—
“alternative finance arrangements” means the arrangements referred to in section 71A(1)...;
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
“connected arrangements” means any arrangements entered into in connection with the making of the alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements);
“relevant financial institution” means the financial institution which enters into the alternative finance arrangements.
(4) Section 1124 of the Corporation Tax Act 2010 applies for the purposes of determining who has control of the relevant financial institution.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.