[F15(1)For the purposes of this Schedule a transfer of value by trustees is treated as linked with trustee borrowing if at the material time there is outstanding trustee borrowing.U.K.
(2)For the purposes of this Schedule there is outstanding trustee borrowing at any time to the extent that—
(a)any loan obligation is outstanding, and
(b)there are proceeds of trustee borrowing that have not been either—
(i)applied for normal trust purposes, or
(ii)taken into account under this Schedule in relation to an earlier transfer of value.
(3)An amount of trustee borrowing is “taken into account” under this Schedule in relation to a transfer of value if the transfer of value is in accordance with this Schedule treated as linked with trustee borrowing.
The amount so taken into account is—
(a)the amount of the value transferred by that transfer of value, or
(b)if less, the amount of outstanding trustee borrowing at the material time in relation to that transfer of value.]
Textual Amendments
F1Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25