- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (07/04/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
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(1)In section 209 of the Taxes Act 1988 (meaning of “distribution”), after subsection (3A) insert—
“(3B)For the purposes of subsection (2)(e)(iii) above the consideration given by the company for the use of the principal secured shall not be treated as being to any extent dependent on the results of the company’s business or any part of it by reason only of the fact that the terms of the security provide—
(a)for the consideration to be reduced in the event of the results improving, or
(b)for the consideration to be increased in the event of the results deteriorating.”This subsection applies to payments made on or after 21st March 2000.
(2)In Schedule 18 to the Taxes Act 1988 (group relief: equity holders and profits available for distribution), in paragraph 1(5E)—
(a)in paragraph (a), after “improving" insert “ , or for the rate of interest to be increased in the event of the results of the company’s business or any part of it deteriorating ”; and
(b)in paragraph (b), after “increasing" insert “ , or for the rate of interest to be increased in the event of the value of any of the company’s assets diminishing ”.
This subsection applies for the purposes of determining whether, at any time on or after 21st March 2000, a loan is a normal commercial loan for the purposes of paragraph 1(1)(b) of Schedule 18 to the Taxes Act 1988.
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