[F1564Q Deduction of income tax at source under Part 15U.K.
(1)Chapter 2 of Part 15 [F2and section 876] (deduction of income tax at source: [F3exception for deposit-takers]), and Chapter 19 of that Part so far as it has effect for the purposes of Chapter 2 of that Part [F4and section 876], 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 [F5except section 876], and Chapter 19 of that Part so far as it has effect for the purposes of [F6those provisions], apply to alternative finance return as they apply to interest.]
Textual Amendments
F1S. 564Q 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. 18 (with Sch. 9 paras. 1-9, 22)
F2Words in s. 564Q(1) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 20(1)(a)
F3Words in s. 564Q(1) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 20(1)(b)
F4Words in s. 564Q(1) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 20(1)(c)
F5Words in s. 564Q(5) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 20(2)(a)
F6Words in s. 564Q(5) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 20(2)(b)