SCHEDULES

SCHEDULE 24Disguised interest

Repeals

8

In consequence of the amendments made by this Schedule, omit—

a

in ICTA—

i

section 736C (deemed interest: cash collateral under stock lending arrangement), and

ii

section 736D (quasi-stock lending arrangements and quasi-cash collateral),

b

in FA 2004, sections 131 to 133 (companies in partnership), and

c

in CTA 2009—

i

Chapter 7 of Part 6 (shares with guaranteed returns etc),

ii

Chapter 8 of that Part (returns from partnerships), and

iii

section 547 (repo under arrangement designed to produce quasi-interest: tax avoidance).

9

Omit the following provisions (which relate to the provisions repealed by paragraph 8)—

a

in ICTA, sections 736B(4) and 807A(2B),

b

in TCGA 1992, section 171(3A),

c

in F(No.2)A 2005, in Schedule 7, paragraphs 5 and 9,

d

in FA 2006, in Schedule 6, paragraphs 3 and 4,

e

in ITA 2007, in Schedule 1, paragraphs 172 and 373, and

f

in CTA 2009, in Schedule 1, paragraphs 215 and 571.

10

In section 542(2) of CTA 2009 (introduction to Chapter 10 of Part 6), for “547” substitute “ 546 ”.