Introduction Consequential changes
100.Paragraph 25 inserts new section 73C into FA 2003. This provides a cross-reference to this Schedule.
101.Paragraph 26 inserts new subsection (5A) into section 86 of FA 2003 (payment of tax) ensuring that tax is payable where the land ceases to qualify for relief in respect of alternative finance investment bonds.
102.Paragraph 27(2) amends section 48B of FA 2005 (alternative finance investment bonds) to replace references to ‘any tax other than the Corporation Tax Acts’ in subsection (2) and (3) with references to income tax or CGT.
103.Paragraph 27(3) inserts new subsection (9) into section 48B of FA 2003 which refers to this Schedule.
104.Paragraph 28 repeals paragraph 651(a) of Schedule 1 to the Corporation Tax Act 2009.
105.Paragraph 29 provides the commencement provision for the Schedule. Sub-paragraph (1) provides that the amendments to section 48B of FA 2005 made by paragraphs 2 to 4 and 27, and the amendment to FA 2003 made by paragraphs 25, have effect from the date of Royal Assent.
106.Sub-paragraph (2) of paragraph 29 provides that the rest of the Schedule has effect where the first transaction (as explained in paragraph 5(2), takes place on or after the date of Royal Assent.