Corporation Tax Act 2009

Finance Act 2005 (c. 7) E+W+S+N.I.

648 The Finance Act 2005 is amended as follows. E+W+S+N.I.

649 In section 47A(6) (alternative finance arrangements: diminishing shared ownership) for “Taxes” to “1970)” substitute “ Income Tax Acts, TCGA 1992 and all other enactments relating to capital gains tax ”. E+W+S+N.I.

650 In section 48A (alternative finance arrangements: alternative finance bond: introduction) in subsection (3) after “this section” insert “ and section 507 of CTA 2009 (investment bond arrangements) ”. E+W+S+N.I.

651 In section 48B (alternative finance arrangements: alternative finance investment bond: effects)— E+W+S+N.I.

(a) in subsections (2) and (3) after “any tax” insert “ other than the Corporation Tax Acts ”,

(b) in subsection (4) after “section 48A”, in both places where it occurs, insert “ of this Act or section 507 of CTA 2009 ”, and

(c) in subsection (5)—

(i) after “section 48A” insert “ of this Act or section 507 of CTA 2009 ”,

(ii) after paragraph (b) insert “ or ”, and

(iii) omit paragraph (d) and the “or” immediately before it.

652 In section 49(2) (alternative finance arrangements: deposit) for “profit share return” substitute “ alternative finance return ”. E+W+S+N.I.

653 In section 49A (alternative finance arrangements: profit share agency)— E+W+S+N.I.

(a) in subsection (2) for “profit share return” substitute “ alternative finance return ”, and

(b) in subsection (3) for “Tax Acts” substitute “ Income Tax Acts ”.

654 Omit section 50 (treatment of alternative finance arrangements: companies). E+W+S+N.I.

655 In section 51 (treatment of alternative finance arrangements: persons other than companies) in subsections (1), (4) and (5)(b) omit “or profit share return”. E+W+S+N.I.

656 In section 52 (provision not at arm's length)— E+W+S+N.I.

(a) in subsection (2) omit “or profit share return”, and

(b) omit subsection (6).

657 Omit section 54 (return not to be treated as distribution). E+W+S+N.I.

658 In section 54A (treatment of section 47, 49 and 49A arrangements as loans: Community Investment Tax Relief)— E+W+S+N.I.

(a) in subsection (2)(a) after “or 49A” insert “ of this Act or section 503, 505 or 506 of CTA 2009 ”,

(b) in subsection (2)(b) omit “or profit share return”,

(c) in subsections (3) and (4) after “section 47” insert “ of this Act or section 503 of CTA 2009 ”,

(d) in subsection (5) after “section 49” insert “ of this Act or section 505 of CTA 2009 ”, and

(e) in subsection (6) after “section 49A” insert “ of this Act or section 506 of CTA 2009 ”.

659 In section 55 (further provisions) omit “, corporation tax”. E+W+S+N.I.

660 In section 56 (application of Chapter)— E+W+S+N.I.

(a) in subsections (2) and (3) for “profit share return” substitute “ alternative finance return ”,

(b) omit subsection (4)(b) and the “and” immediately before it,

(c) omit subsection (5), and

(d) in subsection (6)—

(i) for “Section 54” substitute “ Section 209(6A) of ICTA ”, and

(ii) for “profit share return” substitute “ alternative finance return ”.

661 In section 57 (interpretation of Chapter)— E+W+S+N.I.

(a) in the definition of “alternative finance return” for “and 47A(5)” substitute “ 47A(5), 48B(1), 49(2) and 49A(2) ”, and

(b) omit the definition of “profit share return”.

662 In section 83(8) (application of accounting standards to securitisation companies) in the definition of “asset” for “Schedule 26 to FA 2002 (derivative contracts) (see paragraph 12 of that Schedule)” substitute “ Part 7 of CTA 2009 (derivative contracts) (see sections 580, 581 and 582 of that Act) ”. E+W+S+N.I.

663 In section 105 (interpretation) after the definition of “CAA 2001” insert— E+W+S+N.I.

““CTA 2009” means the Corporation Tax Act 2009;”.

664 (1) Amend Schedule 2 (alternative finance arrangements: further provisions) as follows. E+W+S+N.I.

(2) Omit paragraph 2.

(3) Omit paragraph 7.

(4) In paragraphs 8, 10, 11(c), 12 and 13 omit “or profit share return”.

665 In Schedule 4 (accounting practice and related matters) omit paragraphs 27 and 52. E+W+S+N.I.