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Taxation (International and Other Provisions) Act 2010

Part 10: Alternative finance arrangements

1441.The legislation concerning alternative finance arrangements was introduced in FA 2005. The legislation introduced at that time covers purchase and resale arrangements and deposit arrangements. The legislation applies to arrangements entered into on or after 6 April 2005 (the date on which FA 2005 became law) and also to alternative finance return payable under existing deposit arrangements where the return is paid on or after 6 April 2005 (section 56 of FA 2005).

1442.Sections 95 and 96 of FA 2006 introduced legislation relating to profit share agency and diminishing shared ownership arrangements. The legislation for profit share agency applies for income tax to arrangements entered into on or after 6 April 2006 and to payments made under existing arrangements on or after 6 April 2006 (section 95(11) of FA 2006). The legislation for diminishing shared ownership applies for income tax only to arrangements entered into on or after 6 April 2006 (section 96(11) of FA 2006).

1443.Section 53 of FA 2007 introduced legislation relating to investment bond arrangements. The legislation applies for income tax to arrangements entered into on or after 6 April 2007 and to payments made under existing arrangements on or after 6 April 2007 (section 53(13) of FA 2007).

1444.Transitional provisions in this Schedule preserve the effect of those commencement provisions.

1445.The Alternative Finance Arrangements (Amendment) Order 2009 (SI 2009/2568) amended the definition of “financial institution” with effect for alternative finance arrangements (of all types) entered into on or after 15 October 2009. A transitional provision preserves the former definition for arrangements entered into before that date.

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