Section 564Q — Income Tax Act 2007: Deduction of income tax at source under Part 15

Deduction of income tax at source under Part 15 564Q 1 Chapter 2 of Part 15 and section 876 (deduction of income tax at source: exception for deposit-takers ), and Chapter 19 of that Part so far as it has effect for the purposes of Chapter 2 of that Part and section 876 , have effect as if—

a relevant alternative finance arrangements were a deposit, b for the purposes of section 866(2)(a) such arrangements were a deposit consisting of a loan, and c alternative finance return payable under such arrangements were interest.

2 For the purposes of subsection (1) alternative finance arrangements are relevant unless they are purchase and resale arrangements where the second purchaser is not a financial institution.

3 In subsection (2) “ the second purchaser ” has the same meaning as in section 564C.

4 In Chapter 12 of Part 15 (funding bonds) references to interest include references to alternative finance return.

5 Chapters 3 to 5 of Part 15 except section 876 , and Chapter 19 of that Part so far as it has effect for the purposes of those provisions , apply to alternative finance return as they apply to interest.