SCHEDULE 12 Disguised Interest
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 12 Disguised Interest

Section 28

Key amendments to Part 4 of ITTOIA 2005

1

Part 4 of ITTOIA 2005 (savings and investment income) is amended in accordance with paragraphs 2 and 3.

2

In section 365(1) (overview of Part 4)—

(a)     after paragraph (a) insert—

“(aa)     Chapter 2A (disguised interest),â€, and

(b)     omit paragraph (k).

3

After Chapter 2 insert—

“Chapter 2A
Disguised Interest
381A Charge to tax on disguised interest

(1)     This Chapter applies where a person is party to an arrangement which produces for the person a return in relation to any amount which is economically equivalent to interest.

(2)     Income tax is charged on the return if the return is not charged to income tax under or as a result of any other provision of this Act or any other Act.

(3)     Subsection (2) does not apply to a return that would be charged to income tax under or as a result of another provision but for an exemption.

(4)     For the purposes of this Chapter a return produced for a person by an arrangement in relation to any amount is “economically equivalent to interest†if (and only if)—

(a)

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