Search Legislation

Finance Act 2005

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 49

 Help about opening options

Version Superseded: 01/04/2009

Status:

Point in time view as at 10/07/2008. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2005, Section 49. Help about Changes to Legislation

49Alternative finance arrangements: [F1deposit] U.K.

(1)Subject to section 52, arrangements fall within this section if they are arrangements under which—

(a)a person (“the depositor”) deposits money with a financial institution,

(b)the money, together with money deposited with the institution by other persons, is used by the institution with a view to producing a profit,

(c)from time to time the institution makes or credits a payment to the depositor, in proportion to the amount deposited by him, out of any profit resulting from the use of the money, and

(d)the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.

[F2(2)Amounts paid or credited as mentioned in subsection (1)(c) by a financial institution under arrangements falling within this section are profit share return for the purposes of this Chapter.]

Textual Amendments

F1Word in s. 49 heading substituted (19.7.2006) by Finance Act 2006 (c. 25), s. 95(2)(b)

F2S. 49(2) substituted (19.7.2006) by Finance Act 2006 (c. 25), s. 95(2)(a)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?