The Finance Act 2013, Section 66 (Appointed Day) Order 2013

Made: 18th July 2013

The Treasury make the following Order in exercise of the power conferred by section 66(4) of the Finance Act 2013[^f00001]:

Citation

1

This Order may be cited as the Finance Act 2013, Section 66 (Appointed Day) Order 2013.

Appointed day

2

The amendments made by section 66 of the Finance Act 2013 come into force on 1st September 2013 and have effect in relation to disposals on or after that date.

Signed

Mark Lancaster — Anne Milton — Two of the Lords Commissioners of Her Majesty’s Treasury — 18th July 2013

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order appoints 1st September 2013 as the day on which the amendments made by section 66 of the Finance Act 2013 come into force. The amendments in section 66 of the Finance Act 2013 have effect in respect of disposals on or after that date. The amendments made by section 66 will require companies to use their functional currency, or in certain circumstances their designated currency, to compute any chargeable gains and losses on disposals of ships, aircraft, shares, or interests in shares not covered by the substantial shareholdings exemption.

A Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy and it is an appointed day order.

Footnotes

[^f00001]: 2013 c. 29. See also section 1171(1), (3) and (6)(b) of the Corporation Tax Act 2010.