SCHEDULES

SCHEDULE 25Loan relationships

Part 1Amendments of the Finance Act 1996

2Meaning of “loan relationship” etc: method of settlement

1

Section 81 is amended as follows.

2

In subsection (2) (which defines a money debt as a debt which falls to be settled by the payment of money etc)—

a

for “which falls” substitute “ which is, or has at any time been, one that falls, or that may at the option of the debtor or of the creditor fall, ”; and

b

after paragraph (b) insert—

disregarding any other option exercisable by either party.