SCHEDULES

SCHEDULE 2 U.K. Alternative finance arrangements

Part 3 U.K. Other amendments

Income Tax Act 2007 (c. 3) U.K.

51 U.K. At the beginning of Chapter 7 of Part 7 (Community Investment Tax Relief: supplementary and general) insert—

“Alternative finance arrangements U.K.

372A Meaning of “loan” and “interest”

(1) In this Part and regulations made under Chapter 2 of this Part—

(a) references to a “loan” include references to alternative finance arrangements, and

(b) references to “interest” include references to alternative finance return.

(2) In subsection (1)—

• “alternative finance arrangements” means arrangements to which any of the following applies—

  (a)

  section 564C (purchase and resale arrangements),

  (b)

  section 564E (deposit arrangements), and

  (c)

  section 564F (profit share agency arrangements), and

• “alternative finance return” has the meaning given by section 564I and 564L(1) and (2).

(3) Subsection (1) needs to be read with—

(a) section 372B, in the case of arrangements to which section 564C applies,

(b) section 372C, in the case of arrangements to which section 564E applies, and

(c) section 372D, in the case of arrangements to which section 564F applies.”