Office of Public Sector Information
PART III continued
(1) For the purposes of section 126 above and Schedule 23 to this Act, none of the following persons shall be capable of being the non-resident’s UK representative in relation to income or other amounts falling within paragraphs (a) to (d) of section 126(2) above, that is to say—
(a) where the income arises from, or the other amounts are chargeable by reference to, so much of any business as relates to transactions carried out through a person who (though an agent of the non-resident) does not act in relation to the transactions in the course of carrying on a regular agency for the non-resident, that agent;
(b) where the income arises from, or the other amounts are chargeable by reference to, so much of any business as relates to transactions carried out through a broker and falling within subsection (2) below, that broker;
(c) where the income arises from, or the other amounts are chargeable by reference to, so much of any business as relates to investment transactions carried out through an investment manager and falling within subsection (3) below, that manager; and
(d) where the non-resident is a member of Lloyd’s and the income arises from, or the other amounts are chargeable by reference to, his underwriting business, any person who, in relation to or to matters connected with that income or those amounts, has been the non-resident’s members' agent or the managing agent of the syndicate in question.
(2) For the purposes of subsection (1)(b) above where any income arises from, or other amounts are chargeable by reference to, so much of any business as relates to any transaction carried out through a broker, that transaction shall be taken, in relation to the income or other amounts (“the taxable sums”), to fall within this subsection if—
(a) at the time of the transaction, the broker was carrying on the business of a broker;
(b) the transaction was carried out by the broker on behalf of the non-resident in the ordinary course of that business;
(c) the remuneration which the broker received for the provision of the services of a broker to the non-resident in respect of that transaction was at a rate not less than that which would have been customary for that class of business; and
(d) the non-resident does not fall (apart from this paragraph) to be treated as having the broker as his UK representative in relation to any income or other amounts not included in the taxable sums but chargeable to tax for the same chargeable period.
(3) For the purposes of subsection (1)(c) above where any income arises from, or other amounts are chargeable by reference to, so much of any business as relates to any investment transaction, that transaction shall be taken, in relation to that income or those amounts (“the taxable sums”), to have been carried out through an investment manager and to fall within this subsection if—
(a) the transaction was carried out on behalf of the non-resident by a person (“the manager”) who at the time was carrying on a business of providing investment management services;
(b) the transaction was carried out in the ordinary course of that business;
(c) the manager, when he acted on behalf of the non-resident in relation to the transaction, did so in an independent capacity;
(d) the requirements of subsection (4) below are satisfied in relation to the transaction;
(e) the remuneration which the manager received for the provision to the non-resident of the investment management services in question was at a rate which was not less than that which would have been customary for that class of business; and
(f) the non-resident does not fall (apart from this paragraph) to be treated as having the manager as his UK representative in relation to any income or other amounts not included in the taxable sums but chargeable to tax for the same chargeable period.
(4) Subject to subsections (9) to (11) below, the requirements of this subsection are satisfied in relation to any transaction if—
(a) there is a qualifying period in relation to which it has been or is the intention of the manager and the persons connected with him that the non-resident’s relevant excluded income should, as to at least 80 per cent., consist of amounts to which neither the manager nor any such person has a beneficial entitlement; and
(b) to the extent that there is a failure to fulfil that intention, that failure—
(i) is attributable (directly or indirectly) to matters outside the control of the manager and persons connected with him; and
(ii) does not result from a failure by the manager or any of those persons to take such steps as may be reasonable for mitigating the effect of those matters in relation to the fulfilment of that intention.
(5) For the purposes of this section any reference to the relevant excluded income of the non-resident for a qualifying period is a reference to the aggregate of such of the profits and gains of the non-resident for the chargeable periods comprised in the qualifying period as—
(a) derive from transactions carried out by the manager while acting on the non-resident’s behalf; and
(b) for the purposes of section 128 or 129 below would fall (apart from the requirements of subsection (4) above) to be treated as excluded income for any of those chargeable periods.
(6) For the purposes of this section any reference to an amount of relevant excluded income to which a person has a beneficial entitlement is a reference to so much of any amount to which he has or may acquire a beneficial entitlement by virtue of—
(a) any interest of his (whether or not an interest giving a right to an immediate payment of a share in the profits or gains) in property in which the whole or any part of that income is represented, or
(b) any interest of his in or other rights in relation to the non-resident,
as is or would be attributable to that income.
(7) For the purposes of subsections (4) to (6) above references to a qualifying period, in relation to any transaction, are references to any period consisting in or including the chargeable period for which the taxable sums are chargeable to tax, being, in a case where it is not that chargeable period, a period of not more than five years comprising two or more complete chargeable periods.
(8) Where there is a transaction which would fall within subsection (3) above but for its being a transaction in relation to which the requirements of subsection (4) above are not satisfied, this section shall have effect as if the transaction did fall within subsection (3) above but only in relation to so much of the amount of the taxable sums as does not represent any amount of the non-resident’s relevant excluded income to which the manager or a person connected with him has or has had any beneficial entitlement.
(9) Subsections (10) and (11) below shall apply, where amounts arise or accrue to the non-resident as a participant in a collective investment scheme, for the purpose of determining whether a transaction carried out for the purposes of that scheme, in so far as it is a transaction in respect of which any such amounts arise or accrue to him, is one in relation to which the requirements of subsection (4) above are satisfied.
(10) Those requirements shall be deemed to be satisfied in relation to the transaction wherever the collective investment scheme is such that, if the following assumptions applied, namely—
(a) that all transactions carried out for the purposes of the scheme were carried out on behalf of a company constituted for the purposes of the scheme and resident outside the United Kingdom, and
(b) that the participants did not have any rights in respect of the amounts arising or accruing in respect of those transactions other than the rights which, if they held shares in the company on whose behalf the transactions are assumed to be carried out, would be their rights as shareholders,
the assumed company would not, in relation to the chargeable period in which the taxable sums are chargeable to tax, be regarded for tax purposes as a company carrying on a trade in the United Kingdom.
(11) Where, on those assumptions, the assumed company would be so regarded for tax purposes, subsections (4) to (8) above shall have effect in relation to the transaction as if, applying those assumptions—
(a) references to the non-resident were references to the assumed company; and
(b) the following subsection were substituted for subsection (5) above, namely—
“(5) In subsection (4) above the reference to the assumed company’s relevant excluded income for a qualifying period is a reference to the aggregate of the amounts which would, for the chargeable periods comprised in the qualifying period, be chargeable to tax on that company as profits deriving from the transactions carried out by the manager and assumed to be carried out on the company’s behalf.”
(12) In this section “investment transactions” means—
(a) transactions in shares, stock, futures contracts, options contracts or securities of any description not mentioned in this paragraph, but excluding futures contracts or options contracts relating to land,
(b) transactions consisting in the buying or selling of any foreign currency or in the placing of money at interest, and
(c) such other transactions as the Treasury may by regulations designate for the purposes of this section;
and the power to make regulations for the purposes of paragraph (c) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(13) For the purposes of subsection (12) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
(14) The preceding provisions of this section shall have effect in the case of a person who acts as a broker or provides investment management services as part only of a business as if that part were a separate business.
(15) For the purposes of this section—
(a) a person shall be taken to carry out a transaction on behalf of another where he undertakes the transaction himself, whether on behalf of or to the account of that other, and also where he gives instructions for it to be so carried out by another; and
(b) the references to the income arising from so much of a business as relates to transactions carried out through a branch or agency on behalf of the non-resident shall include references to income from property or rights which, as a result of the transactions, are used by, or held by or for, that branch or agency.
(16) In paragraph (d) of subsection (1) above—
(a) the reference to a member of Lloyd’s is a reference to any person who is a member within the meaning of Chapter III of Part II of the Finance Act 1993 or a corporate member within the meaning of Chapter V of Part IV of the [1993 c. 34.] Finance Act 1994, and
(b) the references to a members' agent and to a managing agent shall also be construed in accordance with section 184 of that Act of 1993 or, as the case may be, section 230 of that Act of 1994.
(17) In this section—
“branch or agency” has the same meaning as in the Management Act;
“collective investment scheme” has the same meaning as in the [1986 c. 60.] Financial Services Act 1986; and
“participant”, in relation to a collective investment scheme, shall be construed in accordance with section 75 of that Act of 1986;
and section 839 of the Taxes Act 1988 (connected persons) shall apply for the purposes of this section.
(18) For the purposes of this section a person shall not be regarded as acting in an independent capacity when acting on behalf of the non-resident unless, having regard to its legal, financial and commercial characteristics, the relationship between them is a relationship between persons carrying on independent businesses that deal with each other at arm’s length.
(19) This section applies—
(a) for the purposes of income tax and capital gains tax, in relation to the year 1996-97 and subsequent years of assessment; and
(b) for the purposes of corporation tax, in relation to accounting periods beginning after 31st March 1996.
(1) Subject to subsection (5) below, the income tax chargeable for any year of assessment on the total income of any person who is not resident in the United Kingdom shall not exceed the sum of the following amounts, that is to say—
(a) the amount of tax which, apart from this section, would be chargeable on that total income if—
(i) the amount of that income were reduced by the amount of any excluded income; and
(ii) there were disregarded any relief under Chapter I of Part VII of the Taxes Act 1988 to which that person is entitled for that year by virtue of section 278(2) of that Act or of any arrangements having effect by virtue of section 788 of that Act;
and
(b) the amount of tax deducted from so much of any excluded income as is income the tax on which is deducted at source.
(2) For the purposes of this section income arising for any year to a person who is not resident in the United Kingdom is excluded income in so far as it—
(a) falls within subsection (3) below; and
(b) is not income in relation to which that person has a UK representative for the purposes of section 126 above and Schedule 23 to this Act.
(3) Income falls within this subsection if—
(a) it is chargeable to tax under Schedule C, Case III of Schedule D or Schedule F;
(b) it is chargeable to tax under Case VI of Schedule D by virtue of section 56 of the Taxes Act 1988 (transactions in deposits);
(c) it is chargeable to tax under Schedule E by virtue of section 150 or 617(1) of the Taxes Act 1988 or section 139(1) of the [1994 c. 9.] Finance Act 1994 (social security benefits etc.);
(d) without being chargeable as mentioned in paragraphs (a) to (c) above or chargeable in accordance with section 171(2) of the [1993 c. 34.] Finance Act 1993 (profits of the underwriting business of a member of Lloyd's), it is income arising as mentioned in subsection (1)(b) or (c) of section 127 above; or
(e) it is income of such other description as the Treasury may by regulations designate for the purposes of this subsection;
and the power to make regulations for the purposes of paragraph (e) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(4) In subsection (1)(b) above—
(a) the reference to excluded income the tax on which is deducted at source is a reference to excluded income from which an amount in respect of income tax is or is treated as deducted, on which any such amount is treated as paid or in respect of which there is a tax credit, and
(b) the reference, in relation to any such income, to the amount of income tax deducted shall be construed, accordingly, as a reference to the amount which is or is treated as deducted or which is treated as paid or, as the case may be, to the amount of that credit.
(5) This section shall not apply to the income tax chargeable for any year of assessment on the income of trustees not resident in the United Kingdom if there is a relevant beneficiary of the trust who is either—
(a) an individual ordinarily resident in the United Kingdom, or
(b) a company resident in the United Kingdom.
(6) In subsection (5) above, the reference to a relevant beneficiary, in relation to a trust, is a reference to any person who, as a person falling wholly or partly within any description of actual or potential beneficiaries, is either—
(a) a person who is, or will or may become, entitled under the trust to receive the whole or any part of any income under the trust; or
(b) a person to or for the benefit of whom the whole or any part of any such income may be paid or applied in exercise of any discretion conferred by the trust;
and for the purposes of this subsection references, in relation to a trust, to income under the trust shall include references to so much (if any) of any property falling to be treated as capital under the trust as represents amounts originally received by the trustees as income.
(7) This section shall apply, subject to subsections (8) and (9) below, in relation to the year 1995-96 and subsequent years of assessment.
(8) This section shall have effect in relation to the year 1995-96 as if the following paragraphs were substituted for paragraph (b) of subsection (2) above, that is to say—
“(aa) arises on or after 6th April 1995; and
(b) is not income in relation to which that person would have a UK representative for the purposes of section 126 above and Schedule 23 to this Act if sections 126 and 127 above and that Schedule applied for the year 1995-96.”
(9) This section shall have effect in relation to the year 1995-96 as if—
(a) the income falling within paragraphs (a) and (b) of subsection (3) above did not include any income arising otherwise than from a transaction falling within subsection (10) below; and
(b) the reference in paragraph (d) of subsection (3) above to income arising as mentioned in subsection (1)(b) or (c) of section 127 above were a reference to any income which would be such income if that section applied in relation to the year 1995-96.
(10) A transaction falls within this subsection if—
(a) it is either—
(i) a transaction carried out on behalf of the non-resident by a person who, at the time of the transaction, was carrying on the business of a broker; or
(ii) an investment transaction carried out on behalf of the non-resident by a person (“the manager”) who at the time was carrying on a business of providing investment management services;
(b) it was carried out by the broker or manager on behalf of the non-resident in the ordinary course of the business referred to in paragraph (a) above; and
(c) the remuneration which the broker or manager received in respect of that transaction for the provision to the non-resident of the services of a broker or, as the case may be, for the provision of the investment management services in question was at a rate not less than that which would have been customary for that class of business.
(11) In this section “investment transaction” has the same meaning as in section 127 above.
(1) Subject to subsection (4) below, the corporation tax chargeable on the chargeable profits arising in any accounting period to a company which is not resident in the United Kingdom shall not exceed the sum of the following amounts, that is to say—
(a) the amount of tax deducted from so much of any excluded income as is income the tax on which is deducted at source; and
(b) the amount (if any) of corporation tax which would be chargeable on the chargeable profits arising to that company for that period if the excluded income of the company for that period were not included in those profits.
(2) For the purposes of this section income arising for any accounting period to any company is excluded income in so far as it—
(a) is income arising as mentioned in subsection (1)(b) or (c) of section 127 above; and
(b) is not income in relation to which that person has a UK representative for the purposes of section 126 above and Schedule 23 to this Act.
(3) In subsection (1)(a) above—
(a) the reference to excluded income the tax on which is deducted at source is a reference to excluded income from which an amount in respect of tax is or is treated as deducted, on which any such amount is treated as paid or in respect of which there is a tax credit, and
(b) the reference, in relation to any such income, to the amount of tax deducted shall be construed, accordingly, as a reference to the amount which is or is treated as deducted or which is treated as paid or, as the case may be, to the amount of that credit.
(4) This section does not apply in relation to the chargeable profits arising to a company which is a corporate member within the meaning of Chapter V of Part IV of the [1994 c. 9.] Finance Act 1994 (corporate Lloyd’s underwriters etc.).
(5) This section applies, subject to subsection (6) below, in relation to any accounting period ending after 5th April 1995.
(6) This section shall have effect in relation to any accounting period beginning before 1st April 1996 as if the following paragraphs were substituted for paragraphs (a) and (b) of subsection (2) above, that is to say—
“(a) is income arising after 5th April 1995 which would be income arising as mentioned in subsection (1)(b) or (c) of section 127 above if that section applied in relation to accounting periods beginning before 1st April 1996; and
(b) is not income in relation to which that person would have a UK representative for the purposes of section 126 above and Schedule 23 to this Act if sections 126 and 127 above and that Schedule so applied.”
Schedule 24 to this Act (which amends the provisions of the [1993 c. 34.] Finance Act 1993 relating to exchange gains and losses and other provisions connected with exchange gains and losses) shall have effect.
(1) The provisions specified in subsection (2) below, so far as they require a disposal to be treated, for the purposes of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992, as a disposal on which neither a gain nor a loss accrues, shall not apply in relation to any disposal of a qualifying asset which is made—
(a) by one qualifying company to another such company; and
(b) at a time before the commencement day of the company making the disposal and on or after the commencement day of the company to which the disposal is made.
(2) The provisions referred to in subsection (1) above are—
(a) sections 139, 140A, 171, 172, 215, 216 and 217A of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992; and
(b) section 486(8) of the Taxes Act 1988.
(3) In this section—
“commencement day”, in relation to a qualifying company, means that company’s commencement day for the purposes of section 165 of the [1993 c. 34.] Finance Act 1993;
“qualifying asset”, in relation to a disposal, means anything which, after the disposal, is by virtue of section 153 of that Act a qualifying asset in relation to the company to which the disposal was made; and
“qualifying company” means any company which is a qualifying company within the meaning of section 152 of that Act.
(4) This section has effect in relation to any disposal of an asset taking place on or after 1st January 1995.
(1) Section 175 of the [1994 c. 9.] Finance Act 1994 (currency contracts: transitional provisions) shall be deemed to have been enacted with the modifications set out below.
(2) In subsection (1) after paragraph (b) there shall be inserted “and
(c) the circumstances are such that if any profit or loss accrues (or were to accrue) to the company as regards the contract for an accounting period beginning before that time it falls (or would fall) to be taken into account as a profit or loss of the trade or part,”.
(3) For subsection (2) there shall be substituted—
“(2) In a case where—
(a) at any time, a currency contract held by a qualifying company becomes a qualifying contract by virtue of section 147(2) above, and
(b) the circumstances are such that if any profit or loss accrues (or were to accrue) to the company as regards the contract for the accounting period beginning with that time it does not fall (or would not fall) to be taken into account as a profit or loss of a trade or part of a trade carried on by the company,
in applying section 158(2) and (4) above in relation to the contract and the period section 153(4) and (5) above shall be treated as omitted.”
Schedule 25 to this Act (which contains amendments of Chapter IV of Part XVII of the Taxes Act 1988 and connected amendments) shall have effect.
(1) Section 759 of the Taxes Act 1988 (material interests in offshore funds) shall be amended as mentioned in subsections (2) and (3) below.
(2) In subsection (1)—
(a) for the words “of the following, namely” there shall be substituted “collective investment scheme which is constituted by”;
(b) for the word “and” immediately preceding paragraph (c) there shall be substituted “or”; and
(c) for the words “company, unit trust scheme or arrangements” there shall be substituted “collective investment scheme”.
(3) After subsection (1) there shall be inserted—
“(1A) In this section “collective investment scheme” has the same meaning as in the [1986 c. 60.] Financial Services Act 1986.”
(4) In Schedule 27 to the Taxes Act 1988 (distributing funds) in Part I (the distribution test) in paragraph 1(2) for paragraphs (a) and (b) there shall be substituted—
“(a) there is no income of the fund and there are no United Kingdom equivalent profits of the fund, or
(b) the amount of the gross income of the fund does not exceed 1 per cent. of the average value of the fund’s assets held during the account period,”.
(5) Section 212 of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992 (annual deemed disposal of certain holdings, including holdings consisting of a relevant interest in an offshore fund) shall be amended as mentioned in subsections (6) and (7) below.
(6) In subsection (5) (meaning of “relevant interest in an offshore fund”) for paragraph (b) there shall be substituted—
“(b) it would be such an interest if either or both of the assumptions mentioned in subsection (6A) below were made.”
(7) Immediately before subsection (7) there shall be inserted—
“(6A) The assumptions referred to in subsection (5)(b) above are—
(a) that the companies, unit trust schemes and arrangements referred to in paragraphs (a) to (c) of subsection (1) of section 759 of the Taxes Act are not limited to those which are also collective investment schemes;
(b) that the shares and interests excluded by subsections (6) and (8) of that section are limited to shares or interests in trading companies.”
(8) Subsections (1) to (3) above shall apply where it falls to be decided—
(a) whether a material interest is, at any time on or after 29th November 1994, a material interest in an offshore fund;
(b) whether a company, unit trust scheme or arrangements in which any person has an interest which is a material interest is, at any time on or after that day, an offshore fund.
(9) Subsection (4) above shall apply in relation to account periods ending on or after 29th November 1994.
(10) Subsections (5) to (7) above shall apply where it falls to be decided whether an interest is, at any time on or after 29th November 1994, a relevant interest in an offshore fund.
Schedule 26 to this Act (which makes provision for the purposes of corporation tax about deductions following a change in the ownership of an investment company) shall have effect.
(1) In Schedule 8 to the Taxes Act 1988 (profit-related pay schemes) paragraph 19 (ascertainment of profits) shall be amended in accordance with subsections (2) to (4) below.
(2) In sub-paragraph (6) (cases where scheme may provide for departure from requirements applicable to profit and loss account) paragraphs (g) to (k) (extraordinary items) shall be omitted.
(3) After paragraph (ff) of sub-paragraph (6) there shall be inserted—
“(l) any exceptional items which fall within sub-paragraph (6A) below and should in accordance with any accounting practices regarded as standard be shown separately on the face of the profit and loss account.”
(4) After sub-paragraph (6) there shall be inserted—
“(6A) The items are—
(a) profits or losses on the sale or termination of an operation;
(b) costs of a fundamental reorganisation or restructuring having a material effect on the nature and focus of the employment unit’s operations;
(c) profits or losses on the disposal of fixed assets; and
(d) the effect on tax of any of the items mentioned in paragraphs (a) to (c) above.”
(5) Subject to subsections (6) to (10) below, subsections (2) to (4) above shall have effect in relation to the preparation, for the purposes of a scheme, of a profit and loss account in respect of a period beginning on or after the day on which this Act is passed.
(6) Subsections (2) to (4) above shall not have effect in relation to an existing scheme unless, before the end of the period of 6 months beginning with the day on which this Act is passed, the scheme is altered to take account of the amendments made by those subsections.
(7) Subsections (8) to (10) below apply where, before the end of the period mentioned in subsection (6) above, an existing scheme is altered as mentioned in that subsection.
(8) The provision made by the scheme in compliance with paragraph 20(1) of Schedule 8 to the Taxes Act 1988 shall not prevent a profit and loss account being prepared in accordance with the alteration.
(9) Where the distributable pool would but for this subsection be determined by reference—
(a) to an amount shown in a profit and loss account prepared in accordance with the altered scheme, and
(b) to an amount shown in a profit and loss account (“an earlier account”) prepared in accordance with the scheme in a form in which it stood before the alteration,
then, for the purposes of the determination of the pool, the amount shown in the earlier account shall be recalculated using the same method as that used to calculate the amount mentioned in paragraph (a) above.
(10) The alteration of the existing scheme shall be treated as being within subsection (8) of section 177B of the Taxes Act 1988 (alterations which are registrable and which once registered cannot give rise to Board’s power of cancellation).
(11) In subsections (6) to (10) above “an existing scheme” means a scheme which, immediately before the day on which this Act is passed, is registered under Chapter III of Part V of the Taxes Act 1988.
(12) After paragraph 19 of Schedule 8 to the Taxes Act 1988 there shall be inserted—
“19A (1) The Treasury may by order amend paragraph 19 above so as to add to, delete or vary any of the items mentioned in sub-paragraph (6) of that paragraph.
(2) In this paragraph references to an order are references to an order under sub-paragraph (1) above.
(3) Subject to sub-paragraphs (4) to (8) below, any amendment or amendments made by virtue of an order shall have effect in relation to the preparation, for the purposes of a scheme, of a profit and loss account in respect of a period beginning on or after the day on which the order comes into force.
(4) Any amendment or amendments made by virtue of an order shall not have effect in relation to an existing scheme unless, before the end of the period of 6 months beginning with the day on which the order comes into force, the scheme is altered to take account of the amendment or amendments.
(5) Sub-paragraphs (6) to (8) below apply where, before the end of the period mentioned in sub-paragraph (4) above, an existing scheme is altered as mentioned in that sub-paragraph.
(6) The provision made by the scheme in compliance with paragraph 20(1) below shall not prevent a profit and loss account being prepared in accordance with the alteration.
(7) Where the distributable pool would but for this sub-paragraph be determined by reference—
(a) to an amount shown in a profit and loss account prepared in accordance with the altered scheme, and
(b) to an amount shown in a profit and loss account (“an earlier account”) prepared in accordance with the scheme in a form in which it stood before the alteration,
then, for the purposes of the determination of the pool, the amount shown in the earlier account shall be recalculated using the same method as that used to calculate the amount mentioned in paragraph (a) above.
(8) The alteration of the existing scheme shall be treated as being within subsection (8) of section 177B.
(9) An order may include such supplementary, incidental or consequential provisions as appear to the Treasury to be necessary or expedient.
(10) In this paragraph “an existing scheme”, in relation to an order, means a scheme which, immediately before the day on which the order comes into force, is a registered scheme.”
Finance Act 1995