PART IIF1PROVISIONS RELATING TO THE SCHEDULE A CHARGE
F2 Rent factoring
Ss. 43A-43G and cross-heading inserted (with effect in accordance with s. 110(2) of the amending Act) by Finance Act 2000 (c. 17), s.110(1)
43C Transfer of rent: exceptions, &c.
1
Section 43B shall not apply to a finance agreement if the term over which the financial obligation is to be reduced exceeds 15 years.
2
Section 43B shall not apply to a finance agreement if—
a
the arrangements for the reduction of the financial obligation substantially depend on a person’s entitlement to an allowance under F3the Capital Allowances Act (including enactments which under this Act are to be treated as contained in that Act), and
b
that person is not connected to the person from whom the right to receive rent is transferred.
3
Section 43B shall not apply to a finance agreement if—
a
section 36(1) applies (without reference to section 36(3)), F4. . .
b
section 36(1) would apply (without reference to section 36(3)) if the price at which an estate or interest is sold were to exceed the price at which it is to be reconveyed,
F5c
section 284 of ITTOIA 2005 applies, or
d
that section would apply if the price at which an estate or interest is sold were to exceed the price at which it is to be reconveyed.
4
If—
a
section 36(1) would apply in relation to a finance agreement by virtue only of section 36(3), and
b
section 43B applies in relation to the agreement,
section 36(1) shall not apply.
F64A
If—
a
section 285 of ITTOIA 2005 would apply in relation to a finance agreement, and
b
section 43B applies in relation to the agreement,
section 285 of ITTOIA 2005 shall not apply.
5
Section 43B shall not apply to a finance agreement if section 780 applies.
6
Section 43B(2) shall not apply to a finance amount which is brought into account—
F7a
b
in computing under Chapter 2 of Part 2 of ITTOIA 2005 the profits of a trade carried on wholly or partly in the United Kingdom.
Pt. 2 heading substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 3 (with Sch. 5 para. 73)