SCHEDULES

SCHEDULE 6Avoidance involving financial arrangements

Transactions associated with loans or credit

8

1

Section 786 of ICTA (transactions associated with loans or credit) is amended as follows.

2

After subsection (5) (transaction under which a person assigns, surrenders etc income arising from property) insert—

5ZA

But subsection (5) above does not apply if the person mentioned in that subsection is, as a result of section 774B or 774D (structured finance arrangements), chargeable to tax on the amount of income assigned, surrendered, waived or forgone.