[F2(1)The Treasury may by order amend Chapter 5 of Part 2 of FA 2005 (alternative finance arrangements).
(1A)The amendments that may be made by an order under subsection (1) include—
(a)the variation of provision already included in Chapter 5, and
(b)the introduction into Chapter 5 of new provision relating to alternative finance arrangements.]
(2)An order under subsection (1) may, in particular—
(a)include provision of a kind similar to provision already made by Chapter 5 of Part 2;
(b)make other provision about the treatment for the purposes of the Tax Acts of arrangements to which the order applies;
(c)make provision generally or only in relation to specified cases or circumstances;
(d)make different provision for different cases or circumstances;
(e)include consequential provision (which may include provision amending a provision of the Tax Acts);
(f)include incidental or transitional provision.
[F3(3)An order under this section shall be made by statutory instrument.
(4)If a statutory instrument containing an order under this section—
(a)introduces into Chapter 5 of Part 2 of FA 2005 new provision relating to alternative finance arrangements, or
(b)amends an enactment which is not contained in that Chapter, but is contained in an Act,
it shall not be made unless a draft has been laid before and approved by resolution of the House of Commons.
(5)In any other case, a statutory instrument containing an order under this section shall be subject to annulment in pursuance of a resolution of the House of Commons.
(6) In this section “ alternative finance arrangements ” means arrangements which in the Treasury's opinion—
(a)equate in substance to a loan, deposit or other transaction of a kind that generally involves the payment of interest, and
(b)achieve a similar effect without including provision for the payment of interest.]
Textual Amendments
F1S. 98 heading substituted (21.7.2008) by Finance Act 2008 (c. 9), s. 156(2)
F2S. 98(1)(1A) substituted for s. 98(1) (21.7.2008) by Finance Act 2008 (c. 9), s. 156(3)
F3S. 98(3)-(6) substituted for s. 98(3) (21.7.2008) by Finance Act 2008 (c. 9), s. 156(4)