Version Superseded: 01/04/2009
Point in time view as at 19/07/2007. This version of this cross heading contains provisions that are not valid for this point in time.
Finance Act 2007, Paragraph 1 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
1(1)The purpose of this Schedule is to secure that in the case of an arrangement—U.K.
(a)which involves the sale of securities and the subsequent purchase of securities, and
(b)which equates, in substance, to a transaction for the lending of money at interest from or to a company (with the securities which were sold as collateral for the loan),
the charge to corporation tax in that case reflects the fact that the arrangement equates, in substance, to such a transaction.
(2)But this is not to be read as preventing the rules in this Schedule about corporation tax in respect of chargeable gains from having no effect in relation to debtor quasi-repos and creditor quasi-repos.
Commencement Information
I1Sch. 13 para. 1 in force at 1.10.2007 with effect in relation to an arrangement that comes into force on or after 1.10.2007 by S.I. 2007/2483, art. 2
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