SolvedCITM4350 | Alternative finance arrangements (AFAs): Modifying the CITR rules to accommodate AFAs - FA05/s49 arrangements
From HM Revenue & Customs · Community investment tax relief manual
Where an arrangement falls within FA05/s49, the following table shows how the CITR rules are modified to equate aspects of conventional loans with those of FA05/s49 arrangements.
| Conventional Loan | FA05/s49 arrangement |
|---|---|
| Amount of loan | Amount of money deposited |
| Loan being drawn down over a period of time | Depositing money in instalments |
| Date a loan is first drawn down | Date the first instalment is deposited |
| Amount drawn down | Value of instalments deposited |
| Capital outstanding | Balance of repayable deposit |
| Repayment | Any repayment of the deposit |
| Beneficial owner of the loan | Person beneficially entitled to repayment of the deposit |
| Disposal of all or part of a loan | Disposal of the right to receive all or part of the deposit |