[F1938JSchemes involving finance arrangementsU.K.
(1)This section applies in relation to a scheme if—
(a)it includes a type 1, 2 or 3 finance arrangement under which a member of the scheme group is the borrower, and
(b)the advance under that arrangement is received, directly or indirectly, from a member of the scheme group.
(2)References in this Part to amounts brought into account, or not brought into account, as debits or credits for the purposes of Part 5 of CTA 2009 include amounts brought into account, or not brought into account, for the purposes of any other provision so far as it applies the charge to corporation tax on income to the repayment of the advance.
(3)Sections 758, 763 and 767 of this Act (meaning of type 1, 2 and 3 finance arrangements) apply for the purposes of this section.
(4) For the purposes of subsection (2) “ the repayment of the advance ” means the payments mentioned in condition A in section 758, 763 or 767 of this Act. ]
Textual Amendments
F1Pt. 21B inserted (with effect in accordance with Sch. 5 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 5 para. 2