Paragraph 72A F1

United Kingdom

(1)

Section 480 (relevant non-lending relationships involving discounts) applies with the modifications set out in sub-paragraph (2) if—

(a)

the money debt mentioned in section 480(1) is some or all of the consideration payable for a disposal of property, and

(b)

the disposal is made before 22 March 2006.

(2)

The modifications are—

(a)

in section 480(1)(e) for “conditions A and B are met” substitute “the property is neither—

(i)

an asset representing a loan relationship, nor

(ii)

a derivative contract”, and

(b)

omit subsections (2) to (4).

Annotations

F1: Sch. 2 para. 72A inserted (retrospective and with effect in accordance with art. 1(2) of the amending S.I.) by Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), arts. 1(1), 3(5)