Version Superseded: 01/04/2010
Point in time view as at 21/07/2009. This version of this provision has been superseded.
Income and Corporation Taxes Act 1988, Paragraph 10 is up to date with all changes known to be in force on or before 13 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
10[F11]For the purposes of section 506, a loan which is not made by way of investment is a qualifying loan if it consists of—
(a)a loan made to another charity for charitable purposes only; or
(b)a loan to a beneficiary of the [F2charitable company] which is made in the course of carrying out the purposes of the [F2charitable company]; or
(c)money placed on current account with [F3a bank] otherwise than as part of such an arrangement as is mentioned in paragraph 7(2) above; or
(d)any other loan as to which the Board are satisfied, on a claim made to them in that behalf, that the loan is made for the benefit of the [F4charitable company] and not for the avoidance of tax (whether by the [F4charitable company] or by some other person).
[F5(2)In this paragraph “bank” has the meaning given by section 840A.]
Textual Amendments
F1Sch. 20 para. 10 renumbered as para. 10(1) (with application in accordance with Sch. 37 para. 10 of the amending Act) by virtue of Finance Act 1996 (c. 8), Sch. 37 para. 2(4)
F2Words in Sch. 20 para. 10(1)(b) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 237(4)(a) (with Sch. 2)
F3Words in Sch. 20 para 10 substituted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 5
F4Words in Sch. 20 para. 10(1)(d) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 237(4)(b) (with Sch. 2)
F5Sch. 20 para. 10(2) inserted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 2(4)
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