Part 3 Exclusions
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 3 Exclusions

Commercial transactions

25

Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person (“Pâ€) if—

(a)     P is treated as taking a relevant step by that paragraph by reason of the payment of a sum of money by way of a loan,

(b)     the loan is (at the time it is made) a loan on ordinary commercial terms within the meaning of section 176 of ITEPA 2003, ignoring conditions B and C in that section, and

(c)     there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.

26

In section 554F of ITEPA 2003 (exclusions: commercial transactions), at the end insert—

“(6)     See paragraph 25 of Schedule 11 to F(No 2)A 2017 for provision about exclusions where a loan is made on ordinary commercial terms and the relevant step is within paragraph 1 of that Schedule.â€

Transfer of employment-related loans

27

(1)     Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Specific performance of property agreements

If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

Negligent misstatement—defences and remedies

Negligent misstatement—defences and remediesThere are a number of ways in which liability for negligent misstatement may be avoided and/or limited. For details on founding a claim of negligent misstatement, see Practice Note: Negligent misstatement—founding a claim.For guidance generally on clauses