SCHEDULES

F1SCHEDULE 7AControl of loans etc to individuals and members associations

Existing transactions

14

(1)

Paragraphs 9 to 11 have effect in relation to existing transactions as they have effect in relation to transactions entered into after the date on which those paragraphs come into force, except that—

(a)

references in paragraph 9 to a controlled benefit do not include references to a controlled donation;

(b)

in paragraph 9(2)(b)(i) the words “and in the same calendar year” are omitted;

(c)

the requirement in paragraph 9(7), 10(1)(b) or 11(1)(b) is a requirement to deliver the report within the period of 60 days beginning with the date on which that provision comes into force.

(2)

An existing transaction is a controlled transaction which, at the date on which paragraphs 9 to 11 come into force, has not come to an end for the purposes of paragraph 11(3)(c).