OpenLegislation

Section 564N Alternative finance return under arrangements for trade or property business purposesF1

(1)

This section applies so far as a person is a party to alternative finance arrangements for the purposes of—

(a)

a trade, profession or vocation carried on by that person, or

(b)

a property business of that person.

(2)

Alternative finance return paid by that person is treated as an expense of the trade, profession, vocation or business.

(3)

In section 58 of ITTOIA 2005—

(a)

references to a loan include references to alternative finance arrangements, and

(b)

references to interest include references to alternative finance return.

Annotations

Textual amendments

F1

S. 564N 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. 15 (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 Treatment of alternative finance return as interest etc

Textual amendments

F1

S. 564M 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. 14 (with Sch. 9 paras. 1-9, 22)