Part 2 The Past
Finance Act 2012 (2012 c 14) | Legislation

Part 2 The Past

Taxes affected

2

(1)     The taxes affected by this Part are—

(a)     income tax,

(b)     capital gains tax,

(c)     inheritance tax, and

(d)     VAT.

(2)     Accordingly, this Part affects—

(a)     amounts of income on which income tax is charged,

(b)     chargeable gains,

(c)     the value of property forming part of the value transferred by a chargeable transfer, and

(d)     the value of supplies on which VAT is charged.

(3)     An amount falling within one (or more) of those descriptions is referred to as a “taxable amount†and, in relation to such an amount, “tax†means whichever of the taxes mentioned in sub-paragraph (1) is (or are) charged on it.

Application of this Part

3

(1)     This Part applies if—

(a)     a one-off payment is levied in accordance with Part 2 of the Agreement,

(b)     a certificate is issued under Article 9(4) to a person (“Pâ€) in respect of that payment, and

(c)     the certificate is approved by P or considered approved by virtue of that Article.

(2)     The certificate is referred to in this Part as “the Part 2 certificateâ€.

Qualifying amounts

4

(1)     The

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