Section 151Q 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 151P(2) and (5)(b) and the appropriate amount for the purposes of section 151P(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. 151Q 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. 37 (with Sch. 9 paras. 1-9, 22)
Notes on Part IV
Modifications
- C1
Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Notes on Chapter 4
Textual amendments
- F1
Pt. 4 Ch. 4 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. 28 (with Sch. 9 paras. 1-9, 22)
Modifications
- C1
Pt. 4 Ch. 4 applied (with modifications) (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. 9 para. 40 (with Sch. 9 paras. 1-9, 22)
Notes on Meaning of “alternative finance return”
Textual amendments
- F1
S. 151P 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. 36 (with Sch. 9 paras. 1-9, 22)