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Corporation Tax Act 2010

Corporation Tax Act 2010

2010 CHAPTER 4

Introduction

Part 16: Factoring of income etc

Chapter 2: Finance arrangements
Section 768: Certain tax consequences not to have effect

2336.This section disapplies certain tax consequences of a type 3 finance arrangement if certain conditions are met. It is based on sections 774D(1) to (4) and 774G(2) of ICTA.

2337.Under subsections (1) and (4), if – but for this section – a relevant change in relation to the partnership would have the “relevant effect”, then it does not.

2338.Subsection (2) defines the “relevant effect”. It specifies three alternative effects. The “relevant effect” in subsection (2) is very similar to the “relevant effect” in section 765(3), which makes corresponding provision for type 2 finance arrangements. But the “relevant effect” in subsection (2) is an effect on a “relevant member” (as defined in subsection (3)), whereas the “relevant effect” in section 765(3) is an effect in relation to the transferor.

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