- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2009
Point in time view as at 01/10/2007.
Finance Act 2007, Paragraph 4 is up to date with all changes known to be in force on or before 15 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
4(1)This paragraph applies if a company (“the borrower”)—U.K.
(a)has a debtor repo or a debtor quasi-repo, or
(b)has a liability which is discharged under a relevant arrangement.
(2)A relevant arrangement is one in relation to which conditions C and D in paragraph 3 are met and the main purpose, or one of the main purposes, of which is the obtaining of a tax advantage.
(3)For the purposes of the charge to corporation tax in respect of income of the borrower arising while the arrangement is in force, the Corporation Tax Acts have effect as if—
(a)the borrower held the securities that are initially sold for any period for which the arrangement is in force, and
(b)the borrower did not receive in that period amounts representative of income payable in respect of those securities.
(4)But—
(a)no amount is to be charged to corporation tax as a result of sub-paragraph (3)(a) unless it is, in accordance with generally accepted accounting practice, recognised in determining the borrower's profit or loss for that or any other period or taken into account in calculating the amounts which are so recognised, F1. . .
[F2(aa)an amount representative of income payable in respect of the securities is not to be ignored as a result of sub-paragraph (3)(b) if it is, in accordance with generally accepted accounting practice, so recognised or taken into account, and]
(b)there is the following exception to sub-paragraph (3) if the securities that are initially sold are overseas securities.
(5)In the case of any overseas dividend payable in respect of those securities, the entitlement of the borrower to double taxation relief in respect of that dividend is determined as if—
(a)sub-paragraph (3) were omitted,
(b)the borrower received a payment of an amount which is representative of that dividend,
(c)the payment were made under a requirement of the arrangement, and
(d)the payment were made on the date on which that dividend is payable.
(6)For the purposes of this paragraph “double taxation relief” means any relief given under or as a result of Part 18 of ICTA.
Textual Amendments
F1Word in Sch. 13 para. 4(4)(a) omitted (retrospectively) by virtue of Finance Act 2010 (c. 13), s. 45(1)(3)
F2Sch. 13 para. 4(4)(aa) inserted (retrospectively) by virtue of Finance Act 2010 (c. 13), s. 45(1)(3)
Modifications etc. (not altering text)
C1Sch. 13 para. 4(3) excluded (with effect in accordance with reg. 1(1) of the amending S.I.) by Manufactured Interest (Tax) Regulations 2007 (S.I. 2007/2488), reg. 1(4)
Commencement Information
I1Sch. 13 para. 4 in force at 1.10.2007 with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 2
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
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.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys