Section 564J Purchase and resale arrangements where return in foreign currencyF1
If, in the case of purchase and resale arrangements, alternative finance return is paid in a currency other than sterling—
by or to a person other than a company, and
otherwise than for the purposes of a trade, profession or vocation or a property business,
subsections (2) and (3) apply as respects that person.
The amount of the excess referred to in section 564I(2) and (5)(b) and the appropriate amount for the purposes of section 564I(3) and (4) are to be calculated in that other currency.
The amount of each payment of alternative finance return is to be translated into sterling at a spot rate of exchange for the day on which the payment is made.
Annotations
Textual amendments
- F1
S. 564J inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 11 (with Sch. 9 paras. 1-9, 22)
Notes on Part 10A
Textual amendments
- F1
Pt. 10A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 2 (with Sch. 9 paras. 1-9, 22)
Notes on Meaning of “alternative finance return”
Textual amendments
- F1
S. 564I and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 10 (with Sch. 9 paras. 1-9, 22)