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Finance Act 2013

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4After section 81 insert—E+W+S+N.I.

81ZAAlternative finance arrangements: return where relief withdrawn

(1)Where relief given in respect of a transaction entered into under alternative finance arrangements is withdrawn to any extent under any of paragraphs 6D, 6F, 6G or 6H of Schedule 4A (higher rate of tax: alternative finance arrangements)—

(a)the relevant person must deliver a return to HMRC before the end of the period of 30 days after the date of the disqualifying event;

(b)the return must contain a self-assessment of the additional tax chargeable as a result of the withdrawal of the relief;

(c)the tax so chargeable is calculated by reference to the rates in force at the effective date of the transaction in respect of which the relief was allowed.

(2)The provisions of Schedule 10 (returns, enquiries, assessments and other matters) apply to a return under this section as they apply to a return under section 76 (general requirement to make land transaction return), but with the following adaptations—

(a)references to the effective date of the transaction are to be read as references to the date of the disqualifying event;

(b)references to the purchaser are to be read as references to the relevant person so far as that is necessary as a result of subsection (1) of this section or section 85(3) (payment of additional tax by relevant person where relief withdrawn).

(3)In this section “the date of the disqualifying event” means the first day in the control period on which a relevant requirement was not met.

(4)In subsection (3) “relevant requirement” means—

(a)where the relief was given under paragraph 5 of Schedule 4A (businesses of letting, trading in or redeveloping properties), a requirement under paragraph 5G(3) of that Schedule;

(b)where the relief was given under paragraph 5B of that Schedule (trades involving making a dwelling available to the public), a requirement under paragraph 5H(3) of that Schedule;

(c)where the relief was given under paragraph 5C of that Schedule (financial institutions acquiring dwellings in the course of lending), a requirement under paragraph 5I(3) of that Schedule;

(d)where the relief was given under paragraph 5D of that Schedule (dwellings for occupation by certain employees etc), a requirement under paragraph 5J(3) of that Schedule;

(e)where the relief was given under paragraph 5F of that Schedule (farmhouses), a requirement under paragraph 5K(3) of that Schedule.

(5)In subsection (3) “the control period” has the same meaning as in paragraph 5G, 5H, 5I, 5J or 5K (as the case requires) of Schedule 4A.

(6)In this section—

  • alternative finance arrangements” means any arrangements such as are mentioned in section 71A, 72, 72A or 73;

  • the relevant person” means the person (other than the financial institution) who entered into the arrangements in question.

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