Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 7

Alternative finance arrangements

Schedule 8 Part 7 (paragraphs 194–229) makes consequential amendments across multiple tax statutes to update cross-references so that they point to the new alternative finance arrangements provisions now consolidated in Part 10A of the Income Tax Act 2007 and related provisions in the Taxation of Chargeable Gains Act 1992, replacing references to the former Finance Act 2005 provisions.

• Cross-references in stamp duty legislation (Finance Act 1986 and Finance Act 2003) are updated so that references to sections 46, 47, 48A and related provisions of Finance Act 2005 now point to the corresponding sections in Part 10A of ITA 2007 (principally sections 564B and 564G) and, where relevant, section 151N of TCGA 1992.
• The original alternative finance arrangements provisions in Finance Act 2005 (sections 46–57 and parts of Schedule 2) are repealed, along with related provisions in Finance Act 2006 (sections 97 and 98) and Corporation Tax Act 2009 (sections 521 and 1310(5)), as these rules have been rewritten and relocated.
• Amendments are made to the Taxation of Chargeable Gains Act 1992 to update the meaning of qualifying corporate bond, remove the now-redundant section 151F, and ensure that unit trust scheme provisions properly cross-refer to new section 151W(a); and to the Income Tax (Earnings and Pensions) Act 2003 so that the definition of securities includes arrangements to which section 564G of ITA 2007 applies.
• The Income Tax Act 2007 itself is updated to include an overview reference to the new Part 10A, to redirect interest relief provisions to the new sections (564C and 564O), to update the deduction-at-source interaction rule to refer to section 564Q, and to add defined expressions for "alternative finance arrangements" and "alternative finance return" to its index.