Section GB 8 — Income Tax Act 2007: Arrangements involving attributed repatriation from CFCs

GB 8 Arrangements involving attributed repatriation from CFCs When this section applies (1) This section applies when— (a) a CFC enters into a loan, security, or other type of arrangement (the CFC arrangement ) with another person; and (b) the CFC arrangement does not directly result in a person having an attributed repatriation from the CFC; and (c) the CFC arrangement has the purpose or effect of allowing a person (the investor ) to enter into a loan or other arrangement (the investor arrangement ); and (d) the investor arrangement would, if it had been made by the CFC, have resulted in a person having some attributed repatriation from the CFC; and (e) the purpose or effect of the arrangement is to defeat the intent and application of section CD 45 (When does a person have attributed repatriation from a controlled foreign company?). Investor arrangement treated as made by CFC (2) For the purposes of applying section CD 45 , the investor arrangement is treated as having been made by the CFC and not the investor. Defined in this Act: arrangement , attributed repatriation , CFC , Compare: 2004 No 35 s GC 8