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12. After regulation 8 (qualifying investments for a cash component), insert—
8A.—(1) This regulation specifies the kind of investments (“qualifying investments for an innovative finance component”) which may be purchased, made or held under an innovative finance account.
(2) Qualifying investments for an innovative finance component to which paragraph (1) refers are—
(a)payments by a borrower made under an article 36H agreement where the conditions in paragraph (3) are met;
(b)payments by an assignee for the right to exercise the rights of the lender under an article 36H agreement where the conditions in paragraph (3)(c) and (d) are met;
(c)payments by a novatee in respect of the novation of an article 36H agreement where the conditions in paragraph (3)(c) and (d) are met;
(d)cash deposited in accordance with regulation 6(4) to (6); and
(e)payments by way of compensation in respect of a matter described in regulation 5DD in relation to an investment specified in this regulation.
(3) The conditions in this paragraph are—
(a)the payment is a payment of interest or capital or both;
(b)the payment is made to the account manager of the account investor;
(c)the article 36H agreement is made on genuine commercial terms; and
(d)the article 36H agreement is not part of a scheme or arrangement the main purpose, or one of the main purposes, of which is the avoidance of tax.”.
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