- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/03/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 24/07/2002
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(1)Subject to the following provisions of this section, a company has a loan relationship for the purposes of the Corporation Tax Acts wherever—
(a)the company stands (whether by reference to a security or otherwise) in the position of a creditor or debtor as respects any money debt; and
(b)that debt is one arising from a transaction for the lending of money;
and references to a loan relationship and to a company’s being a party to a loan relationship shall be construed accordingly.
(2)For the purposes of this Chapter a money debt is a debt which falls to be settled—
(a)by the payment of money; or
(b)by the transfer of a right to settlement under a debt which is itself a money debt.
(3)Subject to subsection (4) below, where an instrument is issued by any person for the purpose of representing security for, or the rights of a creditor in respect of, any money debt, then (whatever the circumstances of the issue of the instrument) that debt shall be taken for the purposes of this Chapter to be a debt arising from a transaction for the lending of money.
(4)For the purposes of this Chapter a debt shall not be taken to arise from a transaction for the lending of money to the extent that it is a debt arising from rights conferred by shares in a company.
(5)For the purposes of this Chapter—
(a)references to payments or interest under a loan relationship are references to payments or interest made or payable in pursuance of any of the rights or liabilities under that relationship; and
(b)references to rights or liabilities under a loan relationship are references to any of the rights or liabilities under the agreement or arrangements by virtue of which that relationship subsists;
and those rights or liabilities shall be taken to include the rights or liabilities attached to any security which, being a security issued in relation to the money debt in question, is a security representing that relationship.
(6)In this Chapter “money” includes money expressed in a currency other than sterling.
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