SolvedCITM4360 | Alternative finance arrangements (AFAs): Modifying the CITR rules to accommodate AFAs - FA05/s49A arrangements
From HM Revenue & Customs · Community investment tax relief manual
Where an arrangement falls within FA05/s49A, the following table shows how the CITR rules are modified to equate aspects of conventional loans with those of FA05/s49A arrangements.
| Conventional Loan | FA05/s49A arrangement |
|---|---|
| Amount of loan | Amount of money provided by principal to agent |
| Loan being drawn down over a period of time | Principal providing money to agent in instalments |
| Date a loan is first drawn down | Date the first instalment is provided to the agent |
| Amount drawn down | Value of instalments provided to the agent |
| Capital outstanding | Balance of repayable money provided to the agent |
| Repayment | Any repayment of money provided to the agent |
| Beneficial owner of the loan | Person beneficially entitled to repayment of money provided to the agent |
| Disposal of all or part of a loan | Disposal of the right to receive all or part of money provided to the agent |