Sch 8 para 3
(1) Amend section 12B (records to be kept for purposes of returns) as follows. (2) In subsection (4A)(c) (records of foreign tax: not sufficient to preserve the information in them) for sub-paragraph (ii) substitute— (ii) which would have been payable under the law of a territory outside the United Kingdom (“territory F”) but for a development relief. (3) After subsection (4A) insert— (4B) In subsection (4A)(c) “ development relief ” means a relief— (a) given under the law of territory F with a view to promoting industrial, commercial, scientific, educational or other development in a territory outside the United Kingdom, and (b) about which provision is made in arrangements that have effect under section 2(1) of TIOPA 2010 (double taxation relief by agreement with territories outside the United Kingdom).