Finance Act 1994

10 (1) In subsection (2) of section 370 of the Taxes Act 1988 (conditions for interest to be treated as relevant loan interest)—

(a) after “section 353(2)” there shall be inserted “and any other provision applying to interest falling to be treated as relevant loan interest”; and

(b) for “from section 74(o) and, where applicable,” there shall be substituted “(where applicable) from”.

(2) After subsection (6) of that section there shall be inserted the following subsection—

“(6A) In disregarding section 353(2) for the purposes of subsection (2)(c) above, section 353(1C) and (1D) shall apply for determining whether or not the condition in section 355(1) or 356(1) is fulfilled as (but for section 353(2)) they would apply for the purpose of determining whether or not the case falls, or is treated as falling, within section 355(1)(a) or 356.”