Amendment of the Corporation Tax Act 20096

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—

, and

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—

za

the Crown,

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.

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.