Certain tax consequences not to have effect
This section has no associated Explanatory Notes
27(1)This paragraph applies if, apart from this Part of this Schedule—
(a)a relevant interest provision applies in relation to the asset-backed arrangement, and
(b)as a result of the application of the relevant interest provision in relation to the asset-backed arrangement, an amount is or may be treated as interest under that provision.
(2)Without prejudice to the generality of paragraphs 23(3) and (4), 24(3) and 25(2), the amount is not to be treated as interest if the amount arises on or after 22 February 2012 but on or before the completion day.
(3)In this paragraph “relevant interest provision” means—
(a)section 809BZD, 809BZE, 809BZI or 809BZL of ITA 2007, or
(b)section 761, 762, 766 or 769 of CTA 2010.