Taxation (International and Other Provisions) Act 2010 Schedule 7 Part 17

Relocation of section 199 of FA 2003 (paragraphs 102–106)

Schedule 7 Part 17 relocates the Treasury's regulation-making powers concerning the cross-border taxation of savings income from the Finance Act 2003 into the Taxes Management Act 1970, inserting new sections 18B to 18E.

• The Treasury may make regulations to ensure the effective taxation of savings income, both under EU obligations and under arrangements with non-EU territories, covering interest and other prescribed sums.
• Regulations may require "paying agents" — persons who make or secure savings income payments — to identify and verify relevant payees and report prescribed information to HMRC, and may allow HMRC to inspect their records.
• The regulations may include provisions on timing and manner of compliance, penalties for non-compliance, the combination of notices with existing reporting requirements, and may make different provision for different cases.
• The old section 199 of Finance Act 2003 is repealed, and its corresponding penalty entry in the TMA 1970 section 98 table is removed, since the new sections fall within the existing Part 3 TMA entry in that table.

---