Section 18B — Taxes Management Act 1970: Savings income: regulations about European and international aspects

Savings income: regulations about European and international aspects 18B 1 The Treasury may make regulations for implementing and for dealing with matters arising out of or related to—

a any EU obligation created with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the laws of the other member States, and b any arrangements made with a territory other than a member State with a view to ensuring the effective taxation of savings income under the law of the United Kingdom and the law of the other territory.

2 In this section “ savings income ” means—

a interest, apart from interest of a prescribed description, or b other sums of a prescribed description.

3 The power to make regulations under this section is exercisable by statutory instrument.

4 A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.