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Changes over time for: Section 354
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2007.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Section 354.
Changes to Legislation
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354Loans: no claim after disposal or excessive repayments or receipts of valueU.K.
This section has no associated Explanatory Notes
(1)If the investment consists of a loan, no claim may be made in respect of a tax year if—
(a)the investor disposes of the whole or any part of the loan before the qualifying date relating to that year,
(b)at any time after the investment is made but before that qualifying date, the amount of the capital outstanding on the loan is reduced to nil, or
(c)before that qualifying date, paragraphs (a) and (b) of section 362(1) (repayments of loan in 5 year period exceeding permitted limits) apply in relation to the investment (whether by virtue of section 363 (receipts of value treated as repayments) or otherwise).
(2)For the purposes of subsection (1)(a) any repayment of the loan is to be ignored.
(3)For the purposes of this section the qualifying date relating to a tax year is the next anniversary of the investment date to occur after the end of that year.
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