SCHEDULE 24Disguised interest
Amendments and repeals
5
(1)
Section 116B of TCGA 1992 (shares beginning or ceasing to be shares to which section 523 of CTA 2009 applies) is amended as follows.
(2)
In subsection (1) and the heading, for “522” substitute “
521B
”
.
(3)
In subsection (1)(b), for “its fair value” substitute “
the notional carrying value of the share
”
.
(4)
““notional carrying value” has the same meaning as in subsection (2) of section 521F of CTA 2009 (see subsection (3) of that section),”.
(5)
In that subsection, in the definition of “investing company”—
(a)
for “7” substitute “
6A
”
, and
(b)
for “with guaranteed returns)
(see section 522(3)” substitute “
accounted for as liabilities)
(see section 521A(3)
”
.
F16
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7
(1)
Schedule 4 to CTA 2009 (index of expressions) is amended as follows.
(2)
“arrangement (in Chapter 2A of Part 6)
section 486B(9)”.
(3)
Omit the entry relating to “the associated transactions condition (in Chapter 7 of Part 6)”.
(4)
“economically equivalent to interest (in Chapter 2A of Part 6)
section 486B(2)”.
(5)
“the investing company (in Chapter 6A of Part 6)
section 521A(3)”.
(6)
“the issuing company (in Chapter 6A of Part 6)
section 521A(3)”.
(7)
Omit the entries relating to “the increasing value condition (in Chapter 7 of Part 6)” and “the redemption return condition (in Chapter 7 of Part 6)”.
(8)
In the entry relating to “share (in Part 5 and in Part 6 except for Chapter 7 of that Part)”, for “7” substitute “
6A
”
.
(9)
“share (in Chapter 6A of Part 6)
section 521A(4)
the share (in Chapter 6A of Part 6)
section 521B(6)”.