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HMRC internal manual

International Manual

HM Revenue & Customs
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International movements of capital: Overview


FA09/S37 provides for the repeal of the Treasury Consents legislation in ICTA88/S765 to 767 and its replacement with a requirement to report to HMRC the details of certain international transactions whose value exceeds £100 million. The detailed provisions are in FA09/SCH17.

These changes were introduced as a result of the Government’s review of the taxation of foreign profits and have effect for events or transactions taking place on or after 1 July 2009.

It is important to note that the new rules are limited to transactions whose value exceeds £100 million. In practice the new reporting requirement will therefore be restricted to large groups with substantial activities outside the United Kingdom. It does not have a general application in the way that the previous rules did.

FA09/SCH 17 is divided into three parts. Part 1 deals with the repeal of the Treasury Consents legislation (see INTM700200), part 2 outlines the reporting requirement (INTM700300 to INTM701000) and part 3 contains the commencement provisions (INTM701100).

FA09/SCH 17 contains a number of regulation making powers currently reflected in the International Movement of Capital (Required Information) Regulations, S.I. 2009/ No. 2192. Their provisions are described in the relevant parts of this guidance.