SCHEDULE 47 Controlled Foreign Companies
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 47 Controlled Foreign Companies

Section 220

Relevant finance leases etc

1

Part 9A of TIOPA 2010 (controlled foreign companies) is amended as follows.

2

Chapter 5 (the CFC charge gateway: non-trading finance profits) is amended as follows.

3

In section 371ED (arrangements in lieu of dividends) in subsection (1) omit “(other than a relevant finance lease)â€.

4

(1)     Section 371EE (leases to UK resident companies etc) is amended as follows.

(2)     In subsection (2)(b)(i) for “which is the subject of the lease†substitute “(“the relevant assetâ€) which is the subject of the lease or making (directly or indirectly) an arrangement which would fall within subsection (3)â€.

(3)     After subsection (2) insert—

“(3)     An arrangement would fall within this subsection if—

(a)     the arrangement would meet one or both of the following requirements—

(i)     it would not be a relevant finance lease;

(ii)     it would not involve the CFC, and

(b)     under the arrangement the other company would (directly or indirectly) purchase rights to use the relevant asset.â€

5

Chapter 22 (supplementary provision) is amended as follows.

6

In section 371VA (definitions) for the definition of “relevant finance lease†substitute—

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