More financial institutions can provide alternative finance
The Alternative Finance Arrangements (Amendment) Order 2009 came into force on 15 October 2009.
The tax rules on alternative finance arrangements (such as Sharia-compliant financial contracts) require one party to such an arrangement to be a financial institution. This order extends the definition of a “financial institution” so that it now includes insurers and non-UK equivalent entities, as well as banks, building societies and credit providers. It will also cover cases where a profit share agency contract underlies an alternative finance investment bond.
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