F1Part 10AAlternative finance arrangements
F2Treatment of alternative finance return as interest etc
S. 564M and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 14 (with Sch. 9 paras. 1-9, 22)
564QF3Deduction of income tax at source under Part 15
1
Chapter 2 of Part 15 (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 of that Part, have effect as if—
a
relevant alternative finance arrangements were a deposit,
b
for the purposes of section 866(2)(a) such arrangements were a deposit consisting of a loan, and
c
alternative finance return payable under such arrangements were interest.
2
For the purposes of subsection (1) alternative finance arrangements are relevant unless they are purchase and resale arrangements where the second purchaser is not a financial institution.
3
In subsection (2) “the second purchaser” has the same meaning as in section 564C.
4
In Chapter 12 of Part 15 (funding bonds) references to interest include references to alternative finance return.
5
Chapters 3 to 5 of Part 15, and Chapter 19 of that Part so far as it has effect for the purposes of those Chapters, apply to alternative finance return as they apply to interest.
Pt. 10A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 2 (with Sch. 9 paras. 1-9, 22)