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Changes over time for: Paragraph 3


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Point in time view as at 19/07/2011.
Changes to legislation:
Finance Act 2009, Paragraph 3 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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This section has no associated Explanatory Notes
3(1)Paragraph 2 does not apply if control of the underlying asset is acquired by—U.K.
(a)a bond-holder, or
(b)a group of connected bond-holders.
(2)A bond-holder (“BH”), or a group of connected bond-holders, acquires control of the underlying asset if—
(a)the rights of bond-holders under an alternative finance investment bond include the right of management and control of the bond assets, and
(b)BH, or the group, acquires sufficient rights to enable BH, or the members of the group acting jointly, to exercise the right of management and control of the bond assets to the exclusion of any other bond-holders.
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