Search Legislation

Finance Act 2012

Status:

This is the original version (as it was originally enacted).

PART 5Other provision relating to finance arrangements

Chapter 5B of Part 13 of ITA 2007

32Chapter 5B of Part 13 of ITA 2007 (finance arrangements) is amended as follows.

33In section 809BZA (type 1 finance arrangements: definition) after subsection (2) insert—

(2A)For the purposes of subsection (2)(c) it does not matter if an entitlement of the lender or a person connected with the lender is subject to any condition.

34(1)Section 809BZF (type 2 finance arrangements: definition) is amended as follows.

(2)In subsection (2)(b) after “transferor” insert “or a person connected with the transferor”.

(3)After subsection (2) insert—

(2A)For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership’s profits of the person involved in the relevant change as mentioned is subject to any condition.

35In section 809BZH (type 2 finance arrangements: certain tax consequences not to have effect) after “transferor” (wherever occurring) insert “or the person connected with the transferor”.

36In section 809BZJ (type 3 finance arrangements: definition) after subsection (2) insert—

(2A)For the purposes of subsection (2)(d) it does not matter if any determination of the share in the partnership’s profits of the person involved in the relevant change as mentioned is subject to any condition.

Chapter 2 of Part 16 of CTA 2010

37Chapter 2 of Part 16 of CTA 2010 (finance arrangements) is amended as follows.

38In section 758 (type 1 finance arrangements: definition) after subsection (2) insert—

(2A)For the purposes of subsection (2)(c) it does not matter if an entitlement of the lender or a person connected with the lender is subject to any condition.

39(1)Section 763 (type 2 finance arrangements: definition) is amended as follows.

(2)In subsection (2)(b) after “transferor” insert “or a person connected with the transferor”.

(3)After subsection (2) insert—

(2A)For the purposes of subsection (2)(e) it does not matter if any determination of the share in the partnership’s profits of the person involved in the relevant change as mentioned is subject to any condition.

40In section 765 (type 2 finance arrangements: certain tax consequences not to have effect) after “transferor” (wherever occurring) insert “or the person connected with the transferor”.

41In section 767 (type 3 finance arrangements: definition) after subsection (2) insert—

(2A)For the purposes of subsection (2)(d) it does not matter if any determination of the share in the partnership’s profits of the person involved in the relevant change as mentioned is subject to any condition.

Commencement

42(1)Subject to what follows, the amendments made by paragraphs 32 to 41 above have effect in relation to arrangements whenever made.

(2)In relation to arrangements made before 21 March 2012, an amount is by virtue of the amendments—

(a)to be charged to tax, or

(b)to be brought into account in calculating any income for tax purposes or deducted from any income for tax purposes,

only if the amount arises on or after 21 March 2012.

(3)The amendments have no effect for the purposes of section 196J(4) of FA 2004 inserted by paragraph 1 above.

(4)The amendments have no effect for the purposes of section 196C(2)(b), 196E(2)(b) or 196G(2)(b) of FA 2004 inserted by paragraph 15 above if the asset-backed arrangement is made before 21 March 2012.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources