Corporation Tax Act 2009

Valid from 01/04/2009

Finance Act 2005 (c. 7) U.K.

648 U.K. The Finance Act 2005 is amended as follows.

649 U.K. In section 47A(6) (alternative finance arrangements: diminishing shared ownership) for “Taxes” to “1970)” substitute “ Income Tax Acts, TCGA 1992 and all other enactments relating to capital gains tax ”.

650 U.K. In section 48A (alternative finance arrangements: alternative finance bond: introduction) in subsection (3) after “this section” insert “ and section 507 of CTA 2009 (investment bond arrangements) ”.

651 U.K. In section 48B (alternative finance arrangements: alternative finance investment bond: effects)—

(a) in subsections (2) and (3) after “any tax” insert “ other than the Corporation Tax Acts ”,

(b) in subsection (4) after “section 48A”, in both places where it occurs, insert “ of this Act or section 507 of CTA 2009 ”, and

(c) in subsection (5)—

(i) after “section 48A” insert “ of this Act or section 507 of CTA 2009 ”,

(ii) after paragraph (b) insert “ or ”, and

(iii) omit paragraph (d) and the “or” immediately before it.

652 U.K. In section 49(2) (alternative finance arrangements: deposit) for “profit share return” substitute “ alternative finance return ”.

653 U.K. In section 49A (alternative finance arrangements: profit share agency)—

(a) in subsection (2) for “profit share return” substitute “ alternative finance return ”, and

(b) in subsection (3) for “Tax Acts” substitute “ Income Tax Acts ”.

654 U.K. Omit section 50 (treatment of alternative finance arrangements: companies).

655 U.K. In section 51 (treatment of alternative finance arrangements: persons other than companies) in subsections (1), (4) and (5)(b) omit “or profit share return”.

656 U.K. In section 52 (provision not at arm's length)—

(a) in subsection (2) omit “or profit share return”, and

(b) omit subsection (6).

657 U.K. Omit section 54 (return not to be treated as distribution).

658 U.K. In section 54A (treatment of section 47, 49 and 49A arrangements as loans: Community Investment Tax Relief)—

(a) in subsection (2)(a) after “or 49A” insert “ of this Act or section 503, 505 or 506 of CTA 2009 ”,

(b) in subsection (2)(b) omit “or profit share return”,

(c) in subsections (3) and (4) after “section 47” insert “ of this Act or section 503 of CTA 2009 ”,

(d) in subsection (5) after “section 49” insert “ of this Act or section 505 of CTA 2009 ”, and

(e) in subsection (6) after “section 49A” insert “ of this Act or section 506 of CTA 2009 ”.

659 U.K. In section 55 (further provisions) omit “, corporation tax”.

660 U.K. In section 56 (application of Chapter)—

(a) in subsections (2) and (3) for “profit share return” substitute “ alternative finance return ”,

(b) omit subsection (4)(b) and the “and” immediately before it,

(c) omit subsection (5), and

(d) in subsection (6)—

(i) for “Section 54” substitute “ Section 209(6A) of ICTA ”, and

(ii) for “profit share return” substitute “ alternative finance return ”.

661 U.K. In section 57 (interpretation of Chapter)—

(a) in the definition of “alternative finance return” for “and 47A(5)” substitute “ 47A(5), 48B(1), 49(2) and 49A(2) ”, and

(b) omit the definition of “profit share return”.

662 U.K. In section 83(8) (application of accounting standards to securitisation companies) in the definition of “asset” for “Schedule 26 to FA 2002 (derivative contracts) (see paragraph 12 of that Schedule)” substitute “ Part 7 of CTA 2009 (derivative contracts) (see sections 580, 581 and 582 of that Act) ”.

663 U.K. In section 105 (interpretation) after the definition of “CAA 2001” insert—

““CTA 2009” means the Corporation Tax Act 2009;”.

664 (1) Amend Schedule 2 (alternative finance arrangements: further provisions) as follows. U.K.

(2) Omit paragraph 2.

(3) Omit paragraph 7.

(4) In paragraphs 8, 10, 11(c), 12 and 13 omit “or profit share return”.

665 U.K. In Schedule 4 (accounting practice and related matters) omit paragraphs 27 and 52.