SCHEDULE 9 Settlements and Transfer of Assets Abroad: Value of Benefits
Finance (No 2) Act 2017 (2017 c 32) | Legislation

SCHEDULE 9 Settlements and Transfer of Assets Abroad: Value of Benefits

Section 31

Capital gains tax: settlements: value of benefit conferred by certain capital payments

1

(1)     In section 97(4) of TCGA 1992 (supplementary provisions in relation to settlements), at the end insert “(see sections 97A to 97C for the value of benefits conferred by a capital payment made by way of loan or by way of making movable property or land available)â€.

(2)     After section 97 of TCGA 1992 insert—

“97A Value of benefit conferred by capital payment made by way of loan

(1)     For the purposes of section 97(4), the value of the benefit conferred on a person (P) by a capital payment made by way of loan to P is, for each tax year in which the loan is outstanding, the amount (if any) by which—

(a)     the amount of interest that would have been payable in that year on the loan if interest had been payable on the loan at the official rate, exceeds

(b)     the amount of interest (if any) actually paid by P in that year on the loan.

(2)     In this section and section 97B the “official rateâ€, in relation

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