Consequential amendments8

1

In section 151H of TCGA 1992 (introduction to Chapter 4 of Part 4 of that Act)10, in subsection (1), omit “with financial institutions”.

2

In section 151R of that Act11 (diminishing shared ownership arrangements), in subsection (2)—

a

for “institution” substitute “first owner”, and

b

for “institution’s” substitute “first owner’s”.

3

In section 173A of ITEPA 200312 (alternative finance arrangements)—

a

in subsection (3)(b), for “financial institution’s” substitute “first owner’s”,

b

in subsection (3)(c), for “financial institution” substitute “first owner”, and

c

in subsection (4)—

i

omit the “and” after the definition of “alternative finance return”, and

ii

after the definition of “financial institution” insert—

  • , and

  • “first owner” is to be construed in accordance with section 564D of ITA 2007 or section 504 of CTA 2009.

4

In section 564A of ITA 200713 (introduction to Part 10A of that Act), in subsection (1)(a), omit “with financial institutions”.

5

In section 564K of that Act14 (diminishing shared ownership arrangements), in subsection (2)—

a

for “institution” substitute “first owner”, and

b

for “institution’s” substitute “first owner’s”.

6

In section 501 of CTA 2009 (introduction to Chapter 6 of Part 6 of that Act), in subsection (1), omit “between companies and financial institutions”.

7

In section 512 of that Act (diminishing shared ownership arrangements), in subsection (2)—

a

for “institution” substitute “first owner”, and

b

for “institution’s” substitute “first owner’s”.