{
  "url": "https://openlegislation.uk/finance-act-2017/schedule-6/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-2017/schedule-6/paragraph-3.json",
  "legislation": "ukpga/2017/10",
  "legislation_title": "Finance Act 2017",
  "legislation_url": "https://openlegislation.uk/finance-act-2017",
  "path": "schedule/6/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) Section 554C (relevant steps: payment of sum, transfer of asset etc.) is amended as follows.\n(2) In subsection (1), after paragraph (a) insert—\n“(aa) acquires a right to a payment of a sum of money, or to a transfer of assets, where there is a connection (direct or indirect) between the acquisition of the right and—\n(i) a payment made, by way of a loan or otherwise, to a relevant person, or\n(ii) a transfer of assets to a relevant person,\n(ab) releases or writes off the whole or a part of—\n(i) a loan made to a relevant person, or\n(ii) an acquired right of the kind mentioned in paragraph (aa),”.”\n(3) After subsection (3) insert—\n“(3A) For the purposes of subsection (1) “loan” includes—\n(a) any form of credit, and\n(b) a payment that is purported to be made by way of a loan.\n(3B) Subsection (3C) applies where a person (“T”) acquires from another person (“L”) (whether or not for consideration)—\n(a) a right to payment of the whole or part of a loan where T is the person liable (at the time of the acquisition of the right) to repay the loan, or\n(b) a right to payment of a sum of money, or to a transfer of assets, where T is the person liable (at the time of the acquisition of the right) to pay the sum, or transfer the assets.\n(3C) L is to be treated for the purposes of subsection (1)(ab) as releasing—\n(a) in a case within subsection (3B)(a), the loan or the relevant part of it;\n(b) in a case within subsection (3B)(b), the right or the relevant part of it.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2017/10/schedule/6/paragraph/3",
    "retrieved_at": "2026-10-29T09:05:39.776683+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}