Section 48 — Finance Act 2014: Major sporting events: power to provide for tax exemptions

Major sporting events: power to provide for tax exemptions 48 1 Where a major sporting event is to be held in the United Kingdom, the Treasury may make regulations providing for exemption from income tax and corporation tax in relation to the event.

2 The regulations may, in particular—

a exempt specified classes of person, income or activity from income tax;

b exempt specified classes of person, profit, income or activity from corporation tax;

c provide for specified classes of activity to be disregarded in determining for fiscal purposes whether a person has a permanent establishment in the United Kingdom;

d disapply a duty on a person to deduct a sum representing income tax before making a payment.

3 The regulations may specify classes of person wholly or partly by reference to—

a residence outside the United Kingdom, determined in accordance with the regulations;

b documents issued or authority given by persons exercising functions in connection with the sporting event.

4 Regulations under this section—

a may apply (with or without modifications) or disapply any enactment, b may modify, amend, repeal or revoke any enactment, c may make different provision for different purposes, and d may include incidental, consequential, supplementary or transitional provision.

5 Regulations under this section may not be made unless a draft of the instrument containing them has been laid before, and approved by a resolution of, the House of Commons.

6 In this section, “ enactment ” includes an enactment contained in subordinate legislation (within the meaning of the Interpretation Act 1978), and includes an enactment whenever passed or made.