Taxation (International and Other Provisions) Act 2010 (c. 8)

SCHEDULES

SCHEDULE 8 U.K. Minor and consequential amendments

Part 10 U.K. Factoring of income etc

Income Tax Act 2007 (c. 3) U.K.

273 U.K. For section 809AZE (transfers of income streams: exception for transfer by way of security) substitute—

“809AZE Exception: transfer by way of security

(1) This Chapter does not apply if—

(a) the consideration for the transfer is the advance under a type 1 finance arrangement, and

(b) the transferor is, or is a member of a partnership which is, the borrower in relation to the arrangement.

(2) This Chapter does not apply if—

(a) the consideration for the transfer is the advance under a type 2 finance arrangement or a type 3 finance arrangement, and

(b) the transferor is a member of the partnership which receives that advance under the arrangement.

(3) In this section—

• “type 1 finance arrangement” has the meaning given for the purposes of Chapter 5B by section 809BZA,

• “type 2 finance arrangement” has the meaning given for the purposes of Chapter 5B by section 809BZF, and

• “type 3 finance arrangement” has the meaning given for the purposes of Chapter 5B by section 809BZJ.”