Section FA 13 — Income Tax Act 2007: Agreements recharacterised as sale with finance provided

FA 13 Agreements recharacterised as sale with finance provided Value to seller (1) For a seller under a hire purchase agreement, the amount of the loan is determined under section EW 32 (Consideration for agreement for sale and purchase of property or services, hire purchase agreement, specified option, or finance lease). Value to buyer (2) For a buyer under a hire purchase agreement, the amount to the buyer is determined under sections EW 32 and EW 33 (which relate to the value of consideration under the financial arrangements rules). Defined in this Act: amount , hire purchase agreement , loan , Compare: 2004 No 35 ss FC 10(1)(a) , OB 1 “ consideration ” , “ lessee’s acquisition cost ” , “ lessor’s disposition value ”