Version Superseded: 01/04/2010
Point in time view as at 06/04/2009.
Finance Act 2007, Paragraph 6 is up to date with all changes known to be in force on or before 06 March 2025. 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.
6(1)Section 774G of ICTA (minor definitions etc for purposes of sections 774A to 774D) is amended as follows.U.K.
(2)In paragraph (a) of subsection (3) (meaning of receiving asset)—
(a)for “include the person's” substitute “include—
(i)the person's”, and
(b)after “it” insert “, and
(ii)the discharge (in whole or in part) of any liability of the person,”.
(3)In paragraph (c) of that subsection (meaning of payments in respect of asset), for “include obtaining” substitute “include—
(i)payments in respect of any other asset substituted for it under the arrangement, and
(ii)obtaining”.
(4)After subsection (5) insert—
“(5A)In determining for the purposes of sections 774A to 774D whether an amount is recorded as a financial liability in respect of the advance it is to be assumed that the period of account in which the advance is received ended immediately after the receipt of the advance.”
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