1U.K.Schedule 11 to F(No.2)A 2017 (employment income provided through third parties: loans etc outstanding on 5 April 2019) is amended as follows.
2U.K.In paragraph 1 (application of Part 7A of ITEPA 2003: relevant step) in sub-paragraph (2) for the words from “before” to the end substitute “ before the end of 5 April 2019. ”
3U.K.For the italic heading before paragraph 2 substitute “Meaning of “ loan ” and “quasi loan” ”.
4U.K.In paragraph 2 (meaning of “loan”, “quasi-loan” and “approved repayment date”) omit sub-paragraph (6).
5(1)Paragraph 4 (when an amount of a loan is outstanding: certain repayments to be disregarded) is amended as follows.U.K.
(2)In sub-paragraph (1)(b)(ii) for “the relevant date” substitute “ 5 April 2019 ”.
(3)In sub-paragraph (2) for “the relevant date” substitute “ 5 April 2019 ”.
(4)Omit sub-paragraph (4).
6U.K.In paragraph 5 (meaning of “outstanding”: loans where A or B acquires a right to payment of the loan) in sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
7U.K.In paragraph 13 (meaning of “outstanding”: quasi-loans where A or B acquires a right to the payment or transfer of assets) in sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
8U.K.Omit paragraph 19 (meaning of “approved fixed term loan”) and the italic heading before that paragraph.
9U.K.For the heading of Part 2 substitute “ Accelerated payments ”.
10U.K.Omit paragraphs 20 to 22 and the italic headings before each of those paragraphs.
11U.K.Omit the italic heading before paragraph 23.
12(1)Paragraph 23 (accelerated payments) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (d) for “the relevant date” substitute “ 5 April 2019 ”, and
(b)in paragraph (e) for “the relevant date” substitute “ 5 April 2019 ”.
(3)Omit sub-paragraph (4).
13(1)Paragraph 35A (when the duty to provide loan charge information arises) is amended as follows.U.K.
(2)Omit sub-paragraph (3).
(3)In sub-paragraph (4) in the words before paragraph (a) for “third” substitute “ second ”.
(4)In sub-paragraph (5)—
(a)in the words before paragraph (a) for “fourth” substitute “ third ”,
(b)in paragraph (a) for the words from the beginning to “conditions” substitute “ neither the first nor the second condition ”, and
(c)in paragraph (b)—
(i)for “and (2)(b)” substitute “ and (2) ”, and
(ii)omit the words from “(and if paragraph” to “omitted)”.
(5)In sub-paragraph (6) in the words before paragraph (a) for “fourth” substitute “ third ”.
(6)In sub-paragraph (7) omit paragraph (b).
14U.K.In paragraph 35B (duty of appropriate third party to provide information to A) in sub-paragraph (1) omit “Q,”.
15(1)Paragraph 35D (meaning of “loan charge information”) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (e) omit “, or the loan mentioned in paragraph 35A(3)(a),”,
(b)in paragraph (j) omit “, Q”, and
(c)in paragraph (k) omit “, or in a case within paragraph 35A(3)(a),”.
(3)In sub-paragraph (2) omit paragraph (a).
16(1)Paragraph 36 (duty to provide loan charge information to B) is amended as follows.U.K.
(2)In sub-paragraph (1)(b) for “6 April 1999” substitute “ 9 December 2010 ”.
(3)In sub-paragraph (2) for the words from “the period” to the end substitute “ 15 April 2019 ”.
(4)Omit sub-paragraph (4).
17U.K.Schedule 12 to F(No.2)A 2017 (trading income provided through third parties: loans etc outstanding on 5 April 2019) is amended as follows.
18U.K.For the italic heading before paragraph 2 substitute “Meaning of “ loan ” and “quasi loan” ”.
19U.K.In paragraph 2 (meaning of “loan”, “quasi-loan” and “approved repayment date”) omit sub-paragraph (6).
20U.K.Omit paragraphs 15 to 18 and the italic heading before each of those paragraphs.
21(1)Paragraph 19 (accelerated payments: application of paragraph 20) is amended as follows.U.K.
(2)In sub-paragraph (1)—
(a)in paragraph (e) for “the relevant date” substitute “ 5 April 2019 ”, and
(b)in paragraph (f) for “the relevant date” substitute “ 5 April 2019 ”.
(3)Omit sub-paragraph (3).
22U.K.In paragraph 23 (meaning of “loan charge information”) in sub-paragraph (2) omit paragraph (a).