Valid from 19/07/2006
Loan relationships: money debts etc not arising from the lending of moneyU.K.
17(1)Section 100 of FA 1996 (money debts etc not arising from the lending of money) is amended as follows.U.K.
(2)In subsection (1A) (conditions mentioned in subsection (1)(c)(iv)) for paragraph (e) (property not an asset representing a loan relationship or derivative contract) substitute—
“(e)if the money debt is some or all of the consideration payable for a disposal of property, the property in question is not an asset representing a loan relationship or a derivative contract the disposal of which is a relevant disposal.”.
(3)After that subsection insert—
“(1B)For the purposes of subsection (1A)(e) above “relevant disposal” means—
(a)a disposal to which paragraph 12 of Schedule 9 applies or would apply but for sub-paragraph (2A) of that paragraph,
(b)a disposal to which paragraph 28 of Schedule 26 to the Finance Act 2002 applies or would apply but for paragraph 30 of that Schedule,
(c)a disposal not falling within paragraph (a) or (b) above as respects which the whole of the consideration is brought into account for the purposes of this Chapter or Schedule 26 to the Finance Act 2002.”.
(4)The amendments made by this paragraph have effect in relation to disposals made on or after 22nd March 2006.