- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
13(1)This paragraph applies where—
(a)a person (“P”) has made a quasi-loan to a relevant person,
(b)the quasi-loan was made on or after 6 April 1999, and
(c)before the end of 5 April 2019, A or B acquires (whether or not for consideration) a right to the payment or transfer of assets mentioned in paragraph 2(2)(a).
(2)The amount equal to the value of the right acquired by A or B is to be treated—
(a)for the purposes of paragraph 1(1) as an amount, of the quasi-loan made by P to the relevant person, that is outstanding immediately before the end of 5 April 2019;
(b)for the purposes of paragraph 1(4) and section 554Z3(1) of ITEPA 2003, as an amount of the quasi-loan that is outstanding at the time P is treated as taking the relevant step under paragraph 1(1).
(3)For the purposes of sub-paragraph (2)—
(a)where the right acquired by A or B is a right to payment of an amount, the “value” of the right is that amount;
(b)where the right acquired by A or B is a right to a transfer of assets, the “value” of the right is an amount equal to—
(i)the market value of the assets at the time the right is acquired (or the value of the right at that time if the assets are non-fungible and not in existence at that time), or
(ii)if higher, the cost of the assets at that time.
(4)Where a loan or a quasi-loan made by P to a relevant person is replaced, directly or indirectly, by a quasi-loan or another quasi-loan (the “replacement quasi-loan”), references in sub-paragraphs (1) and (2) to the quasi-loan are references to the replacement quasi-loan.
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