19(1)Paragraph 20(1) applies where—U.K.
(a)section 23E of ITTOIA 2005 would (ignoring paragraph 20) apply in relation to a relevant benefit arising to T,
(b)the relevant benefit is a loan or quasi-loan in relation to which paragraph 1(2) applies,
(c)an accelerated payment notice, or a partner payment notice, relating to a relevant charge (the “accelerated payment notice”) has been given under Chapter 3 of Part 4 of FA 2014,
(d)T makes a payment (the “accelerated payment”) in respect of the understated or disputed tax to which the notice relates,
(e)the accelerated payment is made on or before [F15 April 2019], and
(f)the amount of the loan or quasi-loan that, at the end of [F25 April 2019], is outstanding for the purposes of paragraph 1 (see paragraphs 3 to 14) is equal to or less than the amount of the accelerated payment.
(2)In sub-paragraph (1)(c), “relevant charge” means a charge to tax under section 23E of ITTOIA 2005 arising by reason of a relevant benefit which arises to T in pursuance of the relevant arrangement in pursuance of which the relevant benefit mentioned in sub-paragraph (1)(a) and (b) arises.
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Sch. 12 para. 19(1)(e) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 21(2)(a)
F2Words in Sch. 12 para. 19(1)(f) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 21(2)(b)
F3Sch. 12 para. 19(3) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 21(3)