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(1)This section applies for the purposes of the provisions of section 33 which relate to general earnings that are used to satisfy a UK-linked debt.
(2)General earnings are to be treated as used to satisfy a debt for money lent to a person (“the borrower”) if conditions A and B are met.
(3)Condition A is that the earnings are dealt with in such a way that the lender holds money or property representing the earnings on behalf of or on account of the borrower in such circumstances that it is available to the lender to satisfy or reduce the debt (by set-off or otherwise).
(4)Condition B is that under an arrangement between the borrower and the lender—
(a)the amount for the time being owed by the borrower to the lender, or
(b)the time at which the debt is to be wholly or partly repaid,
depends in any respect, directly or indirectly, on the amount or value the lender holds on behalf of or on account of the borrower as mentioned in subsection (3).
(5)If and to the extent that money lent is used to satisfy a debt, the debt for the money lent is to be treated as incurred for satisfying that other debt.
(6)In this section “lender” includes, in relation to any money lent, any person for the time being entitled to repayment.
(7)In this section and section 33 “satisfy”, in relation to a debt, means satisfy wholly or in part.
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