»Ê¹ÚÌåÓýapp

FA09/SCH17/Para 8

»Ê¹ÚÌåÓýapp Schedule operates on the basis of describing general categories of reportable events and transactions and then providing a series of exclusions from these (see INTM700700).

FA09/SCH 17/Para 8 sets out what is meant by reportable transactions or events. »Ê¹ÚÌåÓýapp basic test is that their value must exceed £100 Million. No report is required below this limit.

»Ê¹ÚÌåÓýapp paragraph goes on to specify that above the limit only certain categories of events and transactions are reportable. »Ê¹ÚÌåÓýappse categories are

• An issue of shares or debentures by a foreign subsidiary
• A transfer by the reporting body, or a transfer caused or permitted by the reporting body, of shares or debentures of a foreign subsidiary in which the reporting body has an interest, or
• Any situation which results in a foreign subsidiary becoming, or ceasing to be, a controlling partner in a partnership.

»Ê¹ÚÌåÓýappre is a provision allowing additional categories to be specified in regulations made by HMRC. This power has not yet been exercised.

SCH 17/Para 8(3) sets out that for the purposes of the Schedule a foreign subsidiary is a controlling partner in a partnership if, whether alone or taken together with one or more other partners that are also subsidiaries, it controls the partnership.

SCH 17/Para 8 also enables HMRC to make regulations about how the value of an event or transaction is to be determined for the purposes of the reporting requirement. »Ê¹ÚÌåÓýapp relevant legislation forms part of S.I. 2009 / No. 2192 (see INTM700900).

»Ê¹ÚÌåÓýappre is also a power in SCH 17/Para 8(7) enabling HMRC to increase the £100 Million limit specified in the Schedule. This power has not yet been exercised.