Taxation (International and Other Provisions) Act 2010

Part 7 U.K. Alternative finance arrangements

Finance Act 1986 (c. 41) U.K.

194 U.K. FA 1986 is amended as follows.

195 U.K. In section 78(7)(d) (loan capital)—

(a) for “which fall within section 48A of the Finance Act 2005” substitute “ to which section 564G of the Income Tax Act 2007 ”, and

(b) after “bonds)” insert “ applies ”.

196 U.K. In section 79 (loan capital: new provisions)—

(a) in subsection (6), as it has effect by virtue of subsection (8A)(a) of that section, for “section 48A(1) of the Finance Act 2005”, in both places, substitute “ section 564G(1) of the Income Tax Act 2007 ”, and

(b) in subsection (8A)(b) for “section 48A of the Finance Act 2005” substitute “ section 564G of the Income Tax Act 2007 ”.

197 U.K. In section 99(9A) (interpretation)—

(a) for “falling within section 48A of the Finance Act 2005” substitute “ to which section 564G of the Income Tax Act 2007 ”, and

(b) after “bonds)” insert “ applies ”.

Taxation of Chargeable Gains Act 1992 (c. 12) U.K.

198 U.K. TCGA 1992 is amended as follows.

199 U.K. In section 99(2) (application of Act to unit trust schemes) for “section 99A” substitute “ sections 99A and 151W(a) ”.

200 U.K. In section 117 (meaning of “qualifying corporate bond”) for subsection (6D) substitute—

“(6D) Section 151T provides for arrangements to which section 151N (alternative finance arrangements: investment bond arrangements) applies also to be a corporate bond for the purposes of this section.”

201 U.K. Omit section 151F (treatment of alternative finance arrangements).

202 U.K. In the Table in section 288(8) (interpretation), in the entry for “unit trust scheme” and “unit holder”, for “and 99A” substitute “ , 99A and 151W(a) ”.

Income Tax (Earnings and Pensions) Act 2003 (c. 1) U.K.

203 U.K. ITEPA 2003 is amended as follows.

204 U.K. In section 420(1) (meaning of securities etc) for paragraph (h) and the “and” immediately preceding it substitute “and

(h) arrangements to which section 564G of ITA 2007 (alternative finance arrangements: investment bond arrangements) applies.”

Finance Act 2003 (c. 14) U.K.

205 U.K. FA 2003 is amended as follows.

206 U.K. In section 71A(8) (alternative property finance: land sold to a financial institution and leased to individual) for “section 46 of the Finance Act 2005” substitute “ section 564B of the Income Tax Act 2007 ”.

207 U.K. In section 72(7) (alternative property finance in Scotland: land sold to a financial institution and leased to individual) for “section 46 of the Finance Act 2005” substitute “ section 564B of the Income Tax Act 2007 ”.

208 U.K. In section 72A(8) (alternative property finance in Scotland: land sold to a financial institution and individual in common) for “section 46 of the Finance Act 2005” substitute “ section 564B of the Income Tax Act 2007 ”.

209 U.K. In section 73(5)(a) (alternative property finance: land sold to a financial institution and resold to individual) for “section 46 of the Finance Act 2005” substitute “ section 564B of the Income Tax Act 2007 ”.

210 U.K. In section 73C (alternative finance investment bonds) for “falling within section 48A of the Finance Act 2005 (alternative finance investment bonds)” substitute “ to which section 564G of the Income Tax Act 2007 or section 151N of the Taxation of Chargeable Gains Act 1992 (investment bond arrangements) applies ”.

Income Tax (Trading and Other Income) Act 2005 (c. 5) U.K.

211 U.K. ITTOIA 2005 is amended as follows.

212 U.K. In Part 2 of Schedule 4 (index of defined expressions) insert at the appropriate place—

“interest

section 564M of ITA 2007”

Finance Act 2005 (c. 7) U.K.

213 U.K. FA 2005 is amended as follows.

214 U.K. Omit sections 46 to 47A, 48(1), 48A, 48B(1) to (5) and (9) and 49 to 57 (alternative finance arrangements).

215 U.K. In Schedule 2 (alternative finance arrangements: further provisions) omit paragraphs 1, 8 and 10 to 13.

Finance Act 2006 (c. 25) U.K.

216 U.K. FA 2006 is amended as follows.

217 U.K. Omit section 97 (beneficial loans to employees).

218 U.K. Omit section 98 (orders amending Chapter 5 of Part 2 of FA 2005).

Income Tax Act 2007 (c. 3) U.K.

219 U.K. ITA 2007 is amended as follows.

220 U.K. In section 2 (overview of Act) after subsection (10) insert—

“(10A) Part 10A is about alternative finance arrangements.”

221 U.K. In section 383(6) (relief for interest payments)—

(a) for “section 51(2) of FA 2005” substitute “ section 564O ”, and

(b) for “falling within section 47 of that Act” substitute “ to which section 564C applies ”.

222 U.K. In section 849(4) (interaction with other Income Tax Acts provisions) for the words from the beginning to “make” substitute “ Section 564Q (deduction of income tax at source under this Part) makes ”.

223 U.K. In Schedule 4 (index of expressions defined in that Act) insert at the appropriate place—

“alternative finance arrangements (in Part 10A)	section 564A(2)”
“alternative finance return (in Part 10A)	sections 564I to 564L”

Corporation Tax Act 2009 (c. 4) U.K.

224 U.K. CTA 2009 is amended as follows.

225 U.K. Omit section 521 (power to extend Chapter 6 of Part 6 of CTA 2009 etc to other arrangements).

226 U.K. Omit section 1310(5) (orders and regulations).

Finance Act 2009 (c. 10) U.K.

227 U.K. FA 2009 is amended as follows.

228 U.K. In section 123 (alternative finance investment bonds) for “falling within section 48A of FA 2005 (alternative finance investment bonds)” substitute “ to which section 564G of ITA 2007 or section 151N of TCGA 1992 (investment bond arrangements) applies ”.

229 (1) Amend Schedule 61 (alternative finance investment bonds) as follows. U.K.

(2) In paragraph 1(1) (interpretation) in the definition of “alternative finance investment bond” for “within section 48A of FA 2005 (alternative finance investment bond: introduction)” substitute “ to which section 564G of ITA 2007 or section 151N of TCGA 1992 (investment bond arrangements) applies ”.

(3) For paragraph 2 (issue, transfer and redemption of rights under bond not to be treated as chargeable transaction) substitute—

“2 Section 564S of ITA 2007 (treatment of bond-holder and bond-issuer) applies for the purposes of any enactment about stamp duty land tax as it applies for the purposes of the Income Tax Acts.”

(4) In paragraph 4(1) for “section 48B(2) of FA 2005” substitute “ section 564S of ITA 2007 ”.