Finance Act 2012

Chapter 2 of Part 16 of CTA 2010 U.K.

37 U.K. Chapter 2 of Part 16 of CTA 2010 (finance arrangements) is amended as follows.

38 U.K. In section 758 (type 1 finance arrangements: definition) after subsection (2) insert—

“(2A) For the purposes of subsection (2)(c) it does not matter if an entitlement of the lender or a person connected with the lender is subject to any condition.”

39 (1) Section 763 (type 2 finance arrangements: definition) is amended as follows. U.K.

(2) In subsection (2)(b) after “transferor” insert “ or a person connected with the transferor ”.

(3) After subsection (2) insert—

“(2A) For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition.”

40 U.K. In section 765 (type 2 finance arrangements: certain tax consequences not to have effect) after “transferor” (wherever occurring) insert “ or the person connected with the transferor ”.

41 U.K. In section 767 (type 3 finance arrangements: definition) after subsection (2) insert—

“(2A) For the purposes of subsection (2)(d) it does not matter if any determination of the share in the partnership's profits of the person involved in the relevant change as mentioned is subject to any condition.”