SCHEDULES
SCHEDULE 5Avoidance involving financial arrangements
Shares treated as loan relationships
12
1
Section 91A of FA 1996 (shares subject to outstanding third party obligations) is amended as follows.
2
In subsection (4)
(debits in respect of certain transactions to be ignored), for “No debits are to be brought into account” substitute “
In determining those debits and credits there are to be left out of account amounts
”
.
3
Insert at the end—
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In this section “share” does not include a share in a building society.
4
The amendment made by sub-paragraph (2) has effect in relation to accounting periods ending on or after 6th March 2007.
5
But, in relation to accounting periods beginning before that date, amounts are to be left out of account as a result of that amendment only if they relate to any time on or after that date.
6
The amendment made by sub-paragraph (3) has effect in relation to shares held on or after 6th March 2007.