SCHEDULE 5 Factoring of Income etc: New Chapters 5B and 5C of Part 13 of ITA 2007
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

SCHEDULE 5 Factoring of Income etc: New Chapters 5B and 5C of Part 13 of ITA 2007

Section 369

1

ITA 2007 Is Amended As Follows.

2

After section 809AZG insert—

“Chapter 5B
Finance Arrangements
Type 1 arrangements
809BZA Type 1 finance arrangement defined

(1)     For the purposes of this Chapter an arrangement is a type 1 finance arrangement if conditions A and B are met.

(2)     Condition A is that under the arrangement—

(a)     a person (“the borrowerâ€) receives money or another asset (“the advanceâ€) from another person (“the lenderâ€),

(b)     the borrower or a person connected with the borrower makes a disposal of an asset (“the securityâ€) to or for the benefit of the lender or a person connected with the lender, and

(c)     the lender or a person connected with the lender is entitled to payments in respect of the security.

(3)     Condition B is that in accordance with generally accepted accounting practice—

(a)     the borrower's accounts for the period in which the advance is received record a financial liability in respect of it, and

(b)     the payments reduce the amount of the financial liability.

(4)     If the borrower is a partnership the

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