|
| |
| |
(3) | The second case is where BH— |
| |
(a) | underwrites a public offer of rights under the bond, and |
| |
(b) | does not exercise the right of management and control of the bond |
| |
| |
| 5 |
“connected” is to be read in accordance with section 839 of ICTA, and |
| |
“underwrite”, in relation to an offer of rights under a bond, means to |
| |
agree to make payments of capital under the bond in the event that |
| |
other persons do not make those payments. |
| |
Relief not available if purpose of arrangements is improper |
| 10 |
22 (1) | The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it |
| |
relates to those paragraphs) are not available if the arrangements mentioned |
| |
| |
(a) | are not effected for genuine commercial reasons, or |
| |
(b) | form part of arrangements of which the main purpose, or one of the |
| 15 |
main purposes, is the avoidance of liability to tax. |
| |
(2) | In sub-paragraph (1) “tax” means income tax, corporation tax, capital gains |
| |
tax, stamp duty or stamp duty land tax. |
| |
| |
23 (1) | Regulations under any paragraph of this Schedule— |
| 20 |
(a) | may make provision generally or only for specified purposes, or |
| |
different provision for different purposes, and |
| |
(b) | may make consequential, supplementary or incidental provision |
| |
(including amendments of any enactment). |
| |
(2) | Regulations under any paragraph of this Schedule are to be made by |
| 25 |
| |
(3) | A statutory instrument containing regulations under any paragraph of this |
| |
Schedule is subject to annulment in pursuance of a resolution of the House |
| |
| |
| 30 |
| |
Consequential amendments of FA 2003 |
| |
24 | FA 2003 is amended as follows. |
| |
25 | After section 73B insert— |
| |
“73C | Alternative finance investment bonds |
| 35 |
Schedule 61 to the Finance Act 2009 makes provision for relief from |
| |
charge in the case of arrangements falling within section 48A of the |
| |
Finance Act 2005 (alternative finance investment bonds).” |
| |
| |
| |
|
| |
| |
26 | In section 86 (payment of tax), after subsection (5) insert— |
| |
“(5A) | The above provisions are also subject to paragraph 7 of Schedule 61 |
| |
to the Finance Act 2009 (payment of tax where land ceases to qualify |
| |
for relief in respect of alternative finance investment bonds).” |
| |
Consequential amendments of FA 2005 |
| 5 |
27 (1) | Section 48B of FA 2005 (alternative finance investment bond: effects) is |
| |
| |
(2) | In subsections (2) and (3) for “any tax other than the Corporation Tax Acts” |
| |
substitute “income tax or capital gains tax”. |
| |
(3) | After subsection (8) insert— |
| 10 |
“(9) | Schedule 61 to the Finance Act 2009 makes— |
| |
(a) | further provision about the treatment for the purposes of |
| |
TCGA 1992 of arrangements falling within section 48A, and |
| |
(b) | provision about their treatment for the purposes of stamp |
| |
duty land tax and capital allowances.” |
| 15 |
Consequential amendment of CTA 2009 |
| |
28 | In CTA 2009, in Schedule 1, omit paragraph 651(a). |
| |
| |
29 (1) | The following provisions of this Schedule come into force on the day on |
| |
which this Act is passed— |
| 20 |
| |
(b) | Part 1 so far as relating to that Part, and |
| |
(c) | paragraphs 24, 25, 27 and 28. |
| |
(2) | The following provisions of this Schedule have effect where the effective |
| |
date of the first transaction (within the meaning given by paragraph 5(2)) is |
| 25 |
on or after the day on which this Act is passed— |
| |
| |
(b) | Part 1 so far as relating to that Part, and |
| |
| |
| |
| |
|
