Section 73AB — Finance Act 2003: Section 71A : arrangements to transfer control of financial institution

Section 71A : arrangements to transfer control of financial institution 73AB 1 Section 71A ... does not apply to alternative finance arrangements if those arrangements, or any connected arrangements, include arrangements for a person to acquire control of the relevant financial institution.

2 That includes arrangements for a person to acquire control of the relevant financial institution only if one or more conditions are met (such as the happening of an event or doing of an act).

3 In this section— “ alternative finance arrangements ” means the arrangements referred to in section 71A(1) ...; “ arrangements ” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable); “ connected arrangements ” means any arrangements entered into in connection with the making of the alternative finance arrangements (including arrangements involving one or more persons who are not parties to the alternative finance arrangements); “ relevant financial institution ” means the financial institution which enters into the alternative finance arrangements.

4 Section 1124 of the Corporation Tax Act 2010 applies for the purposes of determining who has control of the relevant financial institution.