Finance (No. 2) Act 2017

“Loan charge information” U.K.

[F1 35D (1) For the purposes of paragraphs 35C and 36, the “loan charge information” consists of—

(a) A’s name and, if A’s personal representatives are providing the information, their names,

(b) the address and telephone number, and e-mail address (if any), of each person providing the information,

(c) A’s national insurance number (if any),

(d) the unique taxpayer reference number (if any) allocated to A by HMRC,

(e) if the loan or quasi-loan that is or would be the subject of the relevant step mentioned in paragraph 35A(2)(a) or (4)(b) or (5)(b)(i)F2 ... is made to someone other than A, the name of the person to whom it is made,

(f) B’s name,

(g) the name of the relevant arrangement,

(h) the reference number (if any) allocated to the relevant arrangement by HMRC under section 311 of FA 2004 (disclosure of tax avoidance schemes: arrangements to be given reference number),

(i) any other reference number allocated by HMRC in connection with the relevant arrangement or the relevant step,

(j) if a person has agreed terms with an officer of Revenue and Customs for the partial discharge of the liability for income tax arising because of the application of Chapter 2 of Part 7A of ITEPA 2003 by reason of the relevant step that PF3 ... or S is treated as taking, the date of that agreement and the amount of the liability to which it relates,

(k) if a loan is or would be the subject of the relevant step mentioned in paragraph 35A(2)(a) or (4)(b) or (5)(b)(i)F4 ... the loan payment information (see sub-paragraph (2)), and

(l) if a quasi-loan is or would be the subject of the relevant step mentioned in paragraph 35A(2)(a) or (4)(b) or (5)(b)(i), the quasi-loan payment information (see sub-paragraph (3)).

(2) The “loan payment information”, in relation to a loan, consists of statements of the following—

F5 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the initial principal amount of the loan,

(c) the amount that has become principal under the loan, otherwise than by capitalisation of interest, in each relevant tax year,

(d) the amount of principal under the loan repaid in each relevant tax year, ignoring any repayments not in money made on or after 17 March 2016,

(e) the details of any repayment that is to be disregarded under paragraph 4,

(f) the amount of principal under the loan that has been released or written off in each relevant tax year, and

(g) whether the liability for income tax arising because of the application of Chapter 2 of Part 7A of ITEPA 2003, or section 188 of that Act, by reason of the release or writing-off has been paid.

(3) The “quasi-loan payment information”, in relation to a quasi-loan, consists of statements of the following—

(a) the amount equal to the value of the acquired debt,

(b) the amount equal to the value of the additional debts acquired in each relevant tax year,

(c) the amount by which the initial debt amount has been reduced by way of repayment in each relevant tax year, ignoring any repayments not in money made on or after 17 March 2016,

(d) where the acquired debt or an additional debt is a right to a transfer of assets, and the assets have been transferred, the amount of the market value of the assets at the time of the transfer,

(e) the details of any repayment that is to be disregarded under paragraph 12,

(f) the amount by which the initial debt amount has been reduced by release or writing off in each relevant tax year, and

(g) whether the liability for income tax arising because of the application of Chapter 2 of Part 7A of ITEPA 2003, or section 188 of that Act, by reason of the release or writing-off has been paid.

(4) In this paragraph “relevant tax year” in relation to a loan, or a quasi-loan, means—

(a) the tax year in which the loan or quasi-loan was made, and

(b) each subsequent tax year.

(5) In sub-paragraph (3), “acquired debt”, “additional debt” and “initial debt amount” have the same meaning as in paragraph 11.

(6) In this paragraph and in paragraphs 35G to 35J, “HMRC” means Her Majesty’s Revenue and Customs.]

Textual Amendments

F1 Sch. 11 Pt. 3A inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 1 para. 10

F2 Words in Sch. 11 para. 35D(1)(e) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 15(2)(a)

F3 Word in Sch. 11 para. 35D(1)(j) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 15(2)(b)

F4 Words in Sch. 11 para. 35D(1)(k) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 15(2)(c)

F5 Sch. 11 para. 35D(2)(a) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 15(3)