SCHEDULES
SCHEDULE 2Alternative finance arrangements: further provisions
Interpretation of Schedule
1
In this Schedule, “relevant arrangements” means—
a
arrangements falling within section 47 under which the person referred to in that section as Y is a financial institution, or
Taxes Management Act 1970 (c. 9)
F82
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income and Corporation Taxes Act 1988 (c. 1)
F43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F55
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F66
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F97
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Section 787 of ICTA (restriction of relief for payments of interest) has effect in relation to alternative finance return F10... as it has effect in relation to interest.
Finance Act 1996 (c. 8)
9
In paragraph 8(2)(a) of Schedule 10 to FA 1996 (loan relationships: collective investment schemes), the reference to money placed at interest includes a reference to money invested under relevant arrangements.
Income Tax (Trading and Other Income) Act 2005 (c. 5)
10
In section 380 of ITTOIA 2005 (funding bonds), references to interest include references to alternative finance return F11....
F3Income Tax Act 2007
11
Chapter 2 of Part 15 of ITA 2007 (deduction of income tax at source: deduction by deposit-takers and building societies) (and Chapter 19 of that Part so far as it has effect for the purposes of Chapter 2) have effect as if—
a
relevant arrangements were a deposit,
b
for the purposes of section 866(2)(a) of that Act, relevant arrangements were a deposit consisting of a loan, and
c
alternative finance return F12... payable under relevant arrangements were interest.
12
Chapters 3 to 5 of Part 15 of ITA 2007 (and Chapter 19 of that Part so far as it has effect for the purposes of those Chapters) have effect in relation to alternative finance return F13... as they have effect in relation to interest.
13
In Chapter 12 of Part 15 of ITA 2007 (funding bonds) references to interest include references to alternative finance return F14....
Sch. 2 paras. 11-13 and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 602(3) (with Sch. 2)