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Taxation (International and Other Provisions) Act 2010

Section 366: Power to amend the alternative finance provisions

665.This section provides a regulatory power to amend the legislation about alternative finance arrangements including power to extend it to cover other forms of alternative finance that may be developed in the future. It is based on section 98(1), (1A), (2), (4) and (6) of FA 2006 and sections 521 and 1310(4) and (5) of CTA 2009.

666.The section provides a regulatory power for income tax, corporation tax and capital gains tax. The single power is clearer in its scope than would be the case with separate powers. Section 521 of CTA 2009 is repealed and the specific procedural rules relevant to this power, previously in section 1310(5) of CTA 2009, are brought into this section.

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