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Corporation Tax Act 2010

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771ExceptionsU.K.
This section has no associated Explanatory Notes

(1)A finance arrangement code does not apply if the whole of the advance under the arrangement—

(a)is charged to tax on a relevant person as an amount of income,

(b)is brought into account in calculating for tax purposes any income of a relevant person, or

(c)is brought into account for the purposes of any provision of CAA 2001 as a disposal receipt, or proceeds from a balancing event or disposal event, of a relevant person.

(2)Treat subsection (1)(c) as not met if—

(a)the receipt gives rise, or proceeds give rise, to a balancing charge, and

(b)the amount of the balancing charge is limited by any provision of CAA 2001.

(3)A finance arrangement code does not apply if at all times the whole of the advance under the arrangement—

(a)is a debtor relationship of a relevant person for the purposes of Part 5 of CTA 2009 (loan relationships), or

(b)would be a debtor relationship of a relevant person for those purposes if that person were a company within the charge to corporation tax.

(4)In subsection (3) references to a debtor relationship do not include references to a relationship to which Chapter 2 of Part 6 of CTA 2009 applies (relevant non-lending relationships).

(5)A finance arrangement code does not apply so far as—

(a)section 263A of TCGA 1992 applies in relation to the arrangement (agreements for sale and repurchase of securities), or

(b)Schedule 13 to FA 2007 or Chapter 10 of Part 6 of CTA 2009 applies in relation to the arrangement (sale and repurchase of securities, and repos).

(6)A finance arrangement code does not apply so far as Chapter 6 of Part 6 of CTA 2009, Part 10A of ITA 2007 or Chapter 4 of Part 4 of TCGA 1992 has effect in relation to the arrangement (alternative finance arrangements).

(7)A finance arrangement code does not apply so far as the security is plant or machinery which is the subject of a sale and finance leaseback.

(8)For the purposes of subsection (7) apply section 221 of CAA 2001 to determine whether plant or machinery is the subject of a sale and finance leaseback.

(9)A finance arrangement code does not apply so far as sections 228B and 228C of CAA 2001 (finance leaseback) apply in relation to the arrangement.

[F1(9A)A finance arrangement code does not apply if the arrangement is a right-of-use lease—

(a)under which the relevant person is a lessee, and

(b)which, were that person required under generally accepted accounting practice to determine whether the lease falls to be treated in the accounts of that person as a finance lease or loan, would not fall to be so treated.

(9B)In subsection (9A) “right-of-use lease” has the meaning given in Part 2 of CAA 2001 (see section 70YI(1) of that Act).]

(10)Section 772 defines a relevant person for the purposes of this section.

Textual Amendments

F1S. 771(9A)(9B) inserted (with effect in accordance with Sch. 14 para. 6(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 14 para. 4(9)

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