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6.—(1) The Corporation Tax Act 2009 is amended as follows.
(2) In section 383(8) (lending between partners and the partnership) for “this section” substitute “subsection (7) (but see section 840 of ICTA for the meaning of “control” in subsection (3))”.
(3) In section 514(4) (exclusion of alternative finance return from consideration for sale of assets) for “Corporation Tax Acts” substitute “Tax Acts or TCGA 1992”.
(4) In section 518(2) (investment bond arrangements: treatment as securities)—
(a)omit the word “and” at the end of paragraph (a), and
(b)after paragraph (b) insert—
(c)the bond-issuer is to be treated for the purposes of section 84 of FA 2005 (taxation of securitisation companies) as being party as debtor to a capital market arrangement.”.
(5) In section 549(4) (meaning of debtor quasi-repo) after “borrower” insert “or any other person”.
(6) In section 695(9) (transfers of value to connected companies) after “control of—” insert—
(7) In Schedule 2 (transitionals and savings)—
(a)in paragraph 71(1)(f) (prospective repeal of provisions concerning exchange gains and losses from loan relationships) for “section 151F” substitute “section 151E”,
(b)in the italic cross-heading before paragraph 73 for “6 April 2005” substitute “certain dates”,
(c)for paragraph 73(1) substitute—
“(1) Chapter 6 of Part 6 (alternative finance arrangements) does not apply to purchase and resale arrangements entered into before 6 April 2005.
(1A) That Chapter only applies to deposit arrangements entered into before that date (“pre-6 April 2005 arrangements”) if they are relevant deposit arrangements and then only so far as provided by this paragraph.”,
(d)omit the italic cross-heading before paragraph 74,
(e)for paragraph 74(1) substitute—
“(1) Chapter 6 of Part 6 (alternative finance arrangements) does not apply to diminishing shared ownership arrangements entered into before 1 April 2006.
(1A) That Chapter only applies to profit share agency arrangements entered into before that date (“pre-1 April 2006 arrangements”) if they are relevant profit share agency arrangements and then only so far as provided by this paragraph.”, and
(f)omit the italic cross-heading before paragraph 75.
(8) In Part 2 of Schedule 3 (prospective repeals) for “Section 151F.” substitute “Section 151E.”.
(9) In Schedule 4 (index of defined expressions)—
(a)in the first entry relating to “control”, omit “Part 5,”, and
(b)omit the entry relating to “control” in Part 5.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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