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Changes over time for: Section 809BZA


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Version Superseded: 17/07/2012
Status:
Point in time view as at 13/10/2011. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Section 809BZA.

Changes to Legislation
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[809BZAType 1 finance arrangement definedU.K.
This
adran has no associated
Nodiadau Esboniadol
(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 borrower”) receives money or another asset (“the advance”) from another person (“the lender”),
(b)the borrower or a person connected with the borrower makes a disposal of an asset (“the security”) 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 reference to the borrower's accounts includes a reference to the accounts of any member of the partnership.
(5)For the purposes of this section the borrower and the lender are not connected with one another.]
Yn ôl i’r brig