Part 3 Other Amendments
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

Part 3 Other Amendments

Income and Corporation Taxes Act 1988 (c 1)

46

ICTA is amended as follows.

47

After section 367 insert—

“367A Alternative finance arrangements

(1)     Sections 353 and 365 have effect as if—

(a)     purchase and resale arrangements involved the making of a loan, and

(b)     alternative finance return were interest.

(2)     Section 366 has effect accordingly.

(3)     In this section—

“alternative finance return†has the meaning given in sections 564I to 564L of ITA 2007, and

“purchase and resale arrangements†means arrangements to which section 564C of ITA 2007 applies.â€

Income Tax (Earnings and Pensions) Act 2003 (c 1)

48

ITEPA 2003 is amended as follows.

49

After section 173 (loans to which Chapter 7 of Part 3 (taxable benefits: loans) applies) insert—

“173A Alternative finance arrangements

(1)     For the purposes of this Chapter a reference to a loan includes a reference to arrangements—

(a)     to which section 564C of ITA 2007 or section 503 of CTA 2009 (purchase and resale arrangements) applies (or would apply assuming one of the parties were a financial institution), or

(b)     to which section 564D of ITA 2007 or section 504 of CTA

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