(1) Regulation 4 of the 1993 Regulations (intermediate employers) is hereby revoked; but in relation to any time before its revocation it shall be deemed to have been validly made.
(2) Regulation 3 of the 1973 Regulations (intermediate employers) shall, in relation to any time before its revocation, be deemed to have been validly made.
(3) Where, at any time before the passing of this Act—
(a) a payment has been made of, or on account of, any income of an employee not resident or, if resident, not ordinarily resident in the United Kingdom,
(b) at the time when the payment was made it appeared that some of the income would be assessable to income tax under Case II of Schedule E, but that some of the income might prove not to be assessable to income tax under that Schedule, and
(c) the payment or any proportion of it was treated for the purposes of the 1993 Regulations or the 1973 Regulations as a payment to which the regulations applied,
then the treatment of that payment or that proportion of the payment as being a payment to which the regulations applied shall be deemed to have been lawful.
(4) In this section—
(a) “employee” means a person holding an office or employment under or with any other person;
(b) “the 1993 Regulations” means the Income Tax (Employments) Regulations 1993; and
(c) “the 1973 Regulations” means the Income Tax (Employments) Regulations 1973.
136 Parts of trades: computations in different currencies.
(1) The following section shall be inserted after section 94 of the Finance Act 1993 (computations in different currencies for different parts of trades)—
Parts of trades: petroleum extraction companies.
94A (1) If a trade carried on by a petroleum extraction company is a ring fence trade—
(a) subsection (1) of section 94 above shall not apply as regards the trade, but
(b) regulations may make provision under that section as regards a case where in an accounting period the company carries on the trade and the condition mentioned in subsection (2) below is fulfilled.
(2) The condition is that—
(a) part of the trade consists of activities which relate to oil and are carried on under the authority of a petroleum licence in the United Kingdom or a designated area, and
(b) part of the trade consists of activities which relate to gas and are carried on under the authority of a petroleum licence in the United Kingdom or a designated area.
(3) For the purposes of this section—
(a) a petroleum licence is a licence granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964;
(b) a petroleum extraction company is a company which carries on activities under the authority of such a licence;
(c) a designated area is an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.
(4) For the purposes of this section “ring fence trade” means activities which—
(a) fall within any of paragraphs (a) to (c) of subsection (1) of section 492 of the Taxes Act 1988 (oil extraction etc.), and
(b) constitute a separate trade (whether by virtue of that subsection or otherwise).
(5) For the purposes of this section—
(a) “oil” means such substance as falls within the meaning of oil contained in section 502(1) of the Taxes Act 1988 and is not gas;
(b) “gas” means such substance as falls within the meaning of oil contained in section 502(1) of the Taxes Act 1988 and is gas of which the largest component by volume, measured at a temperature of 15 degrees centigrade and a pressure of one atmosphere, is methane or ethane or a combination of those gases.
(2) In section 95(6) of the Finance Act 1993 (commencement of provisions about currency to be used for computations) for “94” there shall be substituted “ 94A ”.
142 Mortgage interest payable under deduction of tax: qualifying lenders.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) The following section shall be inserted in the Taxes Act 1988 after section 376—
The register of qualifying lenders.
376A (1) The Board shall maintain, and publish in such manner as they consider appropriate, a register for the purposes of section 376(4).
(2) If the Board are satisfied that an applicant for registration is entitled to be registered, they may register the applicant generally or in relation to any description of loan specified in the register, with effect from such date as may be so specified; and a body which is so registered shall become a qualifying lender in accordance with the terms of its registration.
(3) The registration of any body may be varied by the Board—
(a) where it is general, by providing for it to be in relation to a specified description of loan, or
(b) where it is in relation to a specified description of loan, by removing or varying the reference to that description of loan,
and where they do so, they shall give the body written notice of the variation and of the date from which it is to have effect.
(4) If it appears to the Board at any time that a body which is registered under this section would not be entitled to be registered if it applied for registration at that time, the Board may by written notice given to the body cancel its registration with effect from such date as may be specified in the notice.
(5) The date specified in a notice under subsection (3) or (4) above shall not be earlier than the end of the period of 30 days beginning with the date on which the notice is served.
(6) Any body which is aggrieved by the failure of the Board to register it under this section, or by the variation or cancellation of its registration, may, by notice given to the Board before the end of the period of 30 days beginning with the date on which the body is notified of the Board’s decision, require the matter to be determined by the Special Commissioners; and the Special Commissioners shall thereupon hear and determine the matter in like manner as an appeal.
(3) Any body which is, immediately before the date on which this Act is passed, a prescribed body for the purposes of section 376 of the Taxes Act 1988 (by virtue of an order made under subsection (5) of that section) shall be entitled to be entered in the register maintained under section 376A of that Act as a qualifying lender except that if it was, immediately before that date, a qualifying lender only in relation to such description of loan as was specified in the order, it shall be entitled to be entered in the register as a qualifying lender only in relation to that description of loan.
(4) Until such time as the Board enter any such body in the register, that body shall be deemed to have been registered in accordance with its entitlement.