Part 9Amendments to relocate provisions of tax legislation
366Power to amend the alternative finance provisions
1
The Treasury may by order amend the alternative finance provisions.
2
The amendments which may be made by such an order include—
a
the variation of provision already included in the alternative finance provisions, and
b
the introduction into the alternative finance provisions of new provision relating to alternative finance arrangements.
3
In subsection (2)(b) “alternative finance arrangements” means arrangements which in the Treasury's opinion—
a
equate in substance to a loan, deposit or other transaction of a kind that generally involves the payment of interest, but
b
achieve a similar effect without including provision for the payment of interest.
4
An order under subsection (1) may, in particular—
a
make provision of a kind similar to provision already made by the alternative finance provisions,
b
make other provision about the treatment for the purposes of the Tax Acts of arrangements to which the order applies,
c
make provision generally or only in relation to specified cases or circumstances,
d
make different provision for different cases or circumstances, and
e
make incidental, supplemental, consequential and transitional provision and savings.
5
An order making consequential provision under subsection (4)(e) may, in particular, include provision amending a provision of the Tax Acts.
6
In this section “the alternative finance provisions” means—
a
section 367A of ICTA,
b
Chapter 4 of Part 4 of TCGA 1992,
c
sections 372A to 372D, Part 10A and section 1005(2A) of ITA 2007,
d
Chapter 6 of Part 6 of CTA 2009,
e
sections 110, 256 to 259 and 1019 of CTA 2010.
7
An order under this section that—
a
includes such amendments as are mentioned in subsection (2)(b), or
b
amends an enactment not contained in the alternative finance provisions but contained in an Act,
may only be made if a draft of the statutory instrument containing the order has been laid before and approved by a resolution of the House of Commons.