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HMRC internal manual

International Manual

International movements of capital: Commencement

FA09/SCH 17/Paras 13 & 14

FA09/SCH 17/Para 13 specifies that the schedule has effect in relation to events taking place and transactions carried out on or after 1 July 2009.

SCH 17/Para 14 contains two transitional provisions. The first provides that any reports in respect of events or transactions occurring before 1 October 2009 should be reported by 1 April 2010. This is intended to allow companies a period of time beyond the ordinary time limit (see INTM700300) in which to establish internal procedures to monitor reportable transactions and events.

The second specifies that regulations made under the Schedule may come in to force on or after 1 July 2009 so long as they are made within one year of the Finance Act being passed.

The transitional arrangements covering the repeal of the Treasury Consent rules are described at INTM700200.