SCHEDULES
SCHEDULE 5Avoidance involving financial arrangements
Structured finance arrangements
F1F23
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F1F24
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F1F25
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F1F26
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F1F27
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8
1
Section 263E of TCGA 1992 (structured finance arrangements) is amended as follows.
2
In subsection (2)
(condition A: person making disposal of asset subsequently acquires it), for the words from “subsequently” to the end substitute “
(and no-one else) has the right or obligation under the arrangement to acquire the asset disposed of by that disposal at any subsequent time (whether or not the right or obligation is subject to any conditions).
”
3
In subsection (3) (condition B: asset ceases to exist)—
a
in paragraph (a), for “subsequently ceases” substitute “
will subsequently cease
”
, and
b
in paragraph (b), for “that asset was held” substitute “
it is intended that that asset will be held
”
.
4
After subsection (4) insert—
4A
If, at any time after that disposal, it becomes apparent that—
a
the person making the disposal will not subsequently acquire under the arrangement the asset disposed of by that disposal, or
b
that asset will not be held as mentioned in subsection (3)(b),
that person is to be treated for the purposes of this Act as disposing of that asset at that time for a consideration equal to its market value at that time.
5
In subsection (5)
(disregard of subsequent acquisitions), for “Any” substitute “
Except in a case falling within subsection (4A), any
”
.
6
The amendments made by this paragraph have effect in relation to disposals made on or after 6th March 2007.
7
The amendments made by this paragraph also have effect in relation to any disposal made by a person before that date if the person makes a claim to that effect under this sub-paragraph.