SCHEDULES
SCHEDULE 37Loan relationships: amendments
Part 1Amendments to Schedule 9 to the Finance Act 1996
2Late interest
1
Paragraph 2 is amended as follows.
2
After sub-paragraph (5) insert—
5A
A person who is a participator in a company which controls another company shall be treated for the purposes of this paragraph as also being a participator in that other company.
3
In sub-paragraph (6), in the definition of “participator” (which is expressed to have effect in relation to a close company) omit “close”.
4
The amendments made by this paragraph have effect in relation to interest which would, apart from paragraph 2 of Schedule 9 to the Finance Act 1996 (c. 8), be treated as accruing on or after 9th April 2003.