Part 2Income tax, corporation tax and capital gains tax
Chapter 5Alternative finance arrangements
Introductory
46Alternative finance arrangements
1
In this Chapter “alternative finance arrangements” means arrangements falling within section 47 or 49.
2
In this Chapter “financial institution” means—
a
a bank as defined by section 840A of ICTA,
b
a building society within the meaning of the Building Societies Act 1986 (c. 53),
c
a wholly-owned subsidiary of a bank within paragraph (a) or a building society within paragraph (b),
d
a person authorised by a licence under Part 3 of the Consumer Credit Act 1974 (c. 39) to carry on a consumer credit business or consumer hire business within the meaning of that Act, or
e
a person authorised in a jurisdiction outside the United Kingdom to receive deposits or other repayable funds from the public and to grant credits for its own account.
3
For the purposes of subsection (2)(c) a company is a wholly-owned subsidiary of a bank or building society (“the parent”) if it has no members except the parent and the parent's wholly-owned subsidiaries or persons acting on behalf of the parent or the parent's wholly-owned subsidiaries.