11U.K.The amendments made by paragraphs 2(2) and 3 have effect in relation to any arrangement which produces for a company a return which is economically equivalent to interest if the company becomes a party to the arrangement on or after 22 April 2009.
12U.K.The amendments (and repeals) made by paragraphs 2(3) and 4 to 10 come into force on 22 April 2009.
13(1)This paragraph applies where any of the provisions repealed by paragraph 8 applies in relation to anything done by a company before 22 April 2009 which amounts to becoming party to an arrangement (within the meaning given by section 486B(9) of CTA 2009).U.K.
(2)The company is to be treated for the purposes of Chapter 2A of Part 6 of CTA 2009 as having become a party to the arrangement on that date.
(3)But this paragraph does not apply in circumstances in which paragraph 15 does.
14(1)This paragraph applies where Chapter 7 of Part 6 of CTA 2009 applies in relation to a share held by a company immediately before 22 April 2009.U.K.
(2)Section 116B(1) of TCGA 1992 is to be treated as applying as if section 523 of CTA 2009 ceased to apply in relation to the share on that date.
(3)But this paragraph does not apply if paragraph 15 applies in relation to the share and the company.
15(1)This paragraph applies where—U.K.
(a)Chapter 7 of Part 6 of CTA 2009 applies in relation to a share held by a company immediately before 22 April 2009 by reason of the redemption return condition being met (see section 529 of that Act) (or would so apply but for the share not being designed to produce a return which equates in substance to the return on an investment of money at a commercial rate of interest), and
(b)section 521B of CTA 2009 applies in relation to the share and the company on 22 April 2009.
(2)Part 5 of CTA 2009 applies as if the company had acquired the share on 22 April 2009 for an amount equal to the notional carrying value of the share on that date.
(3)In sub-paragraph (2) “notional carrying value” has the same meaning as in section 521F(2) of CTA 2009 (see subsection (3) of that section).
(4)Section 521F of CTA 2009 does not apply by virtue of the coming into force of section 521B of that Act.
16U.K.An election under—
(a)section 486D(2) of CTA 2009, or
(b)section 521E(2) of that Act,
relating to a return which begins to be produced before 1 August 2009 can be made at any time before that date but only in relation to any return produced on or after the day on which the election is made.