C1Part IV Shares, securities, options etc.
C2F1Chapter 4Alternative finance arrangements
Pt. 4 Ch. 4 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 28 (with Sch. 9 paras. 1-9, 22)
Pt. 4 Ch. 4 applied (with modifications) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 40 (with Sch. 9 paras. 1-9, 22)
F2Special rules for investment bond arrangements
S. 151T and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 40 (with Sch. 9 paras. 1-9, 22)
151UF3Treatment of bond-holder and bond-issuer
1
This section applies for the purposes of this Act and any other enactment about capital gains tax and irrespective of the position for other purposes.
2
The bond-holder under investment bond arrangements is not treated as having a legal or beneficial interest in the bond assets.
3
The bond-issuer under such arrangements is not treated as a trustee of the bond assets.
4
Gains accruing to the bond-issuer in connection with the bond assets are gains of the bond-issuer and not of the bond-holder (and do not arise to the bond-issuer in a fiduciary or representative capacity).
5
Payments made by the bond-issuer by way of redemption payment or additional payment are not made in a fiduciary or representative capacity.
6
The bond-holder is not entitled to relief for capital expenditure in connection with the bond assets.
7
Expressions used in this section have the same meaning as in section 151N.
Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)