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Changes over time for: Section 49
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2010
Status:
Point in time view as at 01/04/2009. This version of this provision has been superseded.
Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2005, Section 49.
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49Alternative finance arrangements: [deposit] U.K.
(1)Subject to section 52, arrangements fall within this section if they are arrangements under which—
(a)a person (“the depositor”) deposits money with a financial institution,
(b)the money, together with money deposited with the institution by other persons, is used by the institution with a view to producing a profit,
(c)from time to time the institution makes or credits a payment to the depositor, in proportion to the amount deposited by him, out of any profit resulting from the use of the money, and
(d)the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.
[(2)Amounts paid or credited as mentioned in subsection (1)(c) by a financial institution under arrangements falling within this section are [alternative finance return] for the purposes of this Chapter.]
Yn ôl i’r brig