Finance (No. 2) Act 2017

23 (1) Paragraph 24(1) applies where— U.K.

(a) a person (“P”) would (ignoring paragraph 24) be treated as taking a relevant step within paragraph 1 by reason of making a loan, or a quasi-loan, to a relevant person,

(b) an accelerated payment notice, or a partner payment notice, relating to a relevant charge (the “accelerated payment notice”) has been given under Chapter 3 of Part 4 of FA 2014,

(c) the relevant person makes a payment (the “accelerated payment”) in respect of the understated or disputed tax to which the notice relates,

(d) the accelerated payment is made on or before [F1 5 April 2019], and

(e) the amount of the loan or quasi-loan that, at the end of [F2 5 April 2019], is outstanding for the purposes of paragraph 1 (see paragraphs 3 to 18) is equal to or less than the amount of the accelerated payment.

(2) In sub-paragraph (1)(b), “relevant charge” means a charge to tax arising by reason of a step taken pursuant to the relevant arrangement concerned.

(3) The reference in sub-paragraph (2) to the relevant arrangement concerned is a reference to the relevant arrangement in pursuance of which, or in connection with which, the loan or quasi-loan mentioned in sub-paragraph (1)(a) is made.

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In sub-paragraphs (1)(c) and (2)—

(a) the reference to tax includes a reference to relevant contributions, and

(b) the reference to a charge to tax includes a reference to a liability to pay relevant contributions;

and for those purposes “relevant contributions” has the same meaning as in Schedule 2 to the National Insurance Contributions Act 2015 (application of Part 4 of FA 2014 to national insurance contributions).

(6) If more than one notice relating to a particular relevant charge has been given—

(a) the reference in sub-paragraph (1)(e) to the amount of the accelerated payment is to be treated as a reference to the aggregate of the amounts of each accelerated payment in respect of which the conditions in sub-paragraph (1)(c) and (d) are met, and

(b) the reference in paragraph 24(2) to the accelerated payment notice is to be treated as a reference to the accelerated payment notices or any of them.

Textual Amendments

F1 Words in Sch. 11 para. 23(1)(d) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 12(2)(a)

F2 Words in Sch. 11 para. 23(1)(e) substituted (22.7.2020) by Finance Act 2020 (c. 14), Sch. 2 para. 12(2)(b)

F3 Sch. 11 para. 23(4) omitted (22.7.2020) by virtue of Finance Act 2020 (c. 14), Sch. 2 para. 12(3)