Section 55
1U.K.In this Schedule, “relevant arrangements” means—
(a)arrangements falling within section 47 under which the person referred to in that section as Y is a financial institution, or
(b)arrangements falling within section 49 [F1or 49A].
Textual Amendments
F1Words in Sch. 2 para. 1(b) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 95(8)
2U.K.In sections 17 and 18 of TMA 1970 (interest paid etc. without deduction of income tax), references to interest include references to alternative finance return or profit share return.
3U.K.Section 349 of ICTA (certain payments to be made subject to deduction of income tax) has effect in relation to alternative finance return or profit share return as it has effect in relation to interest.
F24U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 2 para. 4 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 1(1), 92(2)
5U.K.Section 477A of ICTA (building societies: regulations for deduction of tax) applies in relation to alternative finance return and profit share return paid or credited under relevant arrangements as it applies in relation to interest paid or credited in respect of a deposit or loan.
6U.K.Sections 480A to 482 of ICTA (relevant deposits: deduction of tax from interest payments etc.) have effect as if—
(a)relevant arrangements were a deposit, and
(b)alternative finance return or profit share return payable under relevant arrangements were interest.
7U.K.In section 582 of ICTA (funding bonds) references to interest include references to alternative finance return or profit share return.
8U.K.Section 787 of ICTA (restriction of relief for payments of interest) has effect in relation to alternative finance return or profit share return as it has effect in relation to interest.
9U.K.In paragraph 8(2)(a) of Schedule 10 to FA 1996 (loan relationships: collective investment schemes), the reference to money placed at interest includes a reference to money invested under relevant arrangements.
10U.K.In section 380 of ITTOIA 2005 (funding bonds), references to interest include references to alternative finance return or profit share return.