SCHEDULE 2 Trading Income Provided Through Third Parties: Loans etc Outstanding on 5 April 2019
Finance Act 2018 (2018 c 3) | Legislation

SCHEDULE 2 Trading Income Provided Through Third Parties: Loans etc Outstanding on 5 April 2019

Section 12

1

In Schedule 12 to F(No 2)A 2017 (trading income provided through third parties: loans etc outstanding on 5 April 2019), after paragraph 20 insert—

“Duty to provide loan charge information to HMRC

21

(1)     Paragraph 22 applies if one of the following conditions is met.

(2)     The first condition is that—

(a)     a loan or quasi-loan in relation to which paragraph 1(2) applies is treated as a “relevant benefit†for the purposes of sections 23A to 23H of ITTOIA 2005, and

(b)     section 23E of ITTOIA 2005 applies in relation to the relevant benefit (see section 23A of that Act).

(3)     The second condition is that—

(a)     an application is made under paragraph 20(1) by reference to a loan or quasi-loan in relation to which paragraph 1(2) applies,

(b)     a favourable decision is made on the application before 6 April 2019, and

(c)     the first condition is not met in relation to the loan or quasi-loan.

(4)     Paragraph 22 does not apply in a case if—

(a)     a person agrees, with an officer of Revenue and Customs, terms

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