- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/02/2015
Point in time view as at 01/07/2012.
Finance Act 2009, Supplementary is up to date with all changes known to be in force on or before 06 September 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.
18(1)This paragraph applies if—U.K.
(a)conditions A to C and G are met in relation to an interest in land (“the original land”),
(b)Q ceases to hold the original land as a bond asset (and, accordingly, transfers it to P) before the termination of the alternative finance investment bond,
(c)P and Q enter into further arrangements falling within paragraph 5(2) relating to an interest in other land (“the replacement land”), and
(d)the value of the interest in the replacement land at the time that it is transferred from P to Q is greater than or equal to the value of the interest in the original land at the time of the first transaction.
(2)Paragraphs 6 to 17 apply—
(a)in relation to the original land with the modification set out in sub-paragraph (3), and
(b)in relation to the replacement land with the modifications set out in sub-paragraph (4).
(3)Condition F does not need to be met in relation to the original land if conditions A, B, C, F and G (as modified by sub-paragraph (4)) are met in relation to the replacement land.
(4)In relation to the replacement land—
(a)condition E applies as if the reference to the interest in the land were a reference to the interest in the original land, and
(b)condition G applies as if the reference in paragraph 5(11)(b) to the first transaction were a reference to the first transaction relating to the original land.
(5)If the replacement land is in [F1England and Wales or Northern Ireland], the original land ceases to be subject to the charge F2... registered in pursuance of condition D when—
(a)Q provides HMRC with the prescribed evidence that condition G is met in relation to the original land, and
(b)condition D is met in relation to the replacement land.
(6)If the replacement land is not in [F1England and Wales or Northern Ireland], the original land ceases to be subject to the charge F2... registered in pursuance of condition D when Q provides HMRC with the prescribed evidence that—
(a)condition G is met in relation to the original land, and
(b)each of conditions A to C is met in relation to the replacement land.
(7)This paragraph also applies where the replacement land is replaced by further replacement land; and in that event—
(a)the references to the original land (except those in sub-paragraph (4)) are to be read as references to the replacement land, and
(b)the references to the replacement land are to be read as references to the further replacement land.
Textual Amendments
F1Words in Sch. 61 para. 18(5)(6) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(13)(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F2Words in Sch. 61 para. 18(5)(6) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(13)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
19(1)Where a charge F3... is discharged in accordance with paragraph 9 or 18(5) or (6), HMRC must—U.K.
(a)in the case of a charge on land in England and Wales, notify the Chief Land Register of the discharge in accordance with land registration rules (within the meaning of the Land Registration Act 2002),
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)in the case of a charge on land in Northern Ireland, notify the Registrar of Titles of the discharge.
(2)HMRC must do so within the period of 30 days beginning with the date on which Q provides the evidence in question.
Textual Amendments
F3Words in Sch. 61 para. 19(1) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(14)(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F4Sch. 61 para. 19(1)(b) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(14)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
20(1)The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it relates to those paragraphs) are not available if control of the underlying asset is acquired by—U.K.
(a)a bond-holder, or
(b)a group of connected bond-holders.
(2)A bond-holder (“BH”), or a group of connected bond-holders, acquires control of the underlying asset if—
(a)the rights of bond-holders under an alternative finance investment bond include the right of management and control of the bond assets, and
(b)BH, or the group, acquires sufficient rights to enable BH, or the members of the group acting jointly, to exercise the right of management and control of the bond assets to the exclusion of any other bond-holders.
(3)In accordance with sub-paragraph (1), in the case of the reliefs provided by paragraphs 6 and 10—
(a)if BH, or the group, acquires control of the underlying asset before the end of the period of 30 days beginning with the effective date of the first transaction, paragraphs 6 and 10 do not apply, and
(b)if BH, or the group, acquires control of the underlying asset after the end of that period and conditions A to C have been met, paragraphs 7 and 11 apply.
21(1)But paragraph 20 does not prevent the reliefs being available in either of the following cases.U.K.
(2)The first case is where—
(a)at the time that the rights were acquired BH (or all of the connected bond-holders) did not know and had no reason to suspect that the acquisition enabled the exercise of the right of management and control of the bond assets to the exclusion of other bond-holders, and
(b)as soon as reasonably practicable after BH (or any of the bond-holders) becomes aware that the acquisition enables that exercise, BH transfers (or some or all of the bond-holders transfer) sufficient rights for that no longer to be possible.
(3)The second case is where BH—
(a)underwrites a public offer of rights under the bond, and
(b)does not exercise the right of management and control of the bond assets.
(4)In this paragraph—
“connected” is to be read in accordance with [F5section 1122 of CTA 2010], and
“underwrite”, in relation to an offer of rights under a bond, means to agree to make payments of capital under the bond in the event that other persons do not make those payments.
Textual Amendments
F5Words in Sch. 61 para. 21(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 724(3) (with Sch. 2)
22(1)The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it relates to those paragraphs) are not available if the arrangements mentioned in paragraph 5(2)—U.K.
(a)are not effected for genuine commercial reasons, or
(b)form part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.
(2)In sub-paragraph (1) “tax” means income tax, corporation tax, capital gains tax, stamp duty or stamp duty land tax.
23(1)Regulations under any paragraph of this Schedule—U.K.
(a)may make provision generally or only for specified purposes, or different provision for different purposes, and
(b)may make consequential, supplementary or incidental provision (including amendments of any enactment).
(2)Regulations under any paragraph of this Schedule are to be made by statutory instrument.
(3)A statutory instrument containing regulations under any paragraph of this Schedule is subject to annulment in pursuance of a resolution of the House of Commons.
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.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
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