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Finance Act 2004

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Changes over time for: Section 162

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162Meaning of “loan”U.K.

(1)This section applies for the interpretation of this Chapter.

(2)“Loan” does not include the purchase of or subscription to debentures, debenture stock, loan stock, bonds, certificates of deposit or other instruments creating or acknowledging indebtedness which are—

(a)listed or dealt in on a recognised stock exchange (within the meaning of [F1section 1005 of ITA 2007]), or

(b)offered to the public.

(3)A guarantee of a loan made to or in respect of a [F2person who is or has been a] member or sponsoring employer of a registered pension scheme [F3, or to or in respect of a person who is connected with a [F2person who is or has been a] member or sponsoring employer of a registered pension scheme but is not [F4such a person],] is to be treated as a loan to or in respect of the [F2person who is or has been a] member or sponsoring employer of an amount equal to the amount guaranteed.

(4)If a [F5person who is or has been a] member or sponsoring employer of a registered pension scheme [F6or a person who is connected with a [F5person who is or has been a] member or sponsoring employer of a registered pension scheme but is not [F7such a person]]—

(a)is liable to pay a debt, the right to payment of which constitutes an asset held for the purposes of the pension scheme, but

(b)is not required to pay it by the relevant date,

the debt is to be treated as a loan made by the pension scheme to the [F5person who is or has been a] member or sponsoring employer on that date.

(5)The relevant date is the date by which a person at arm’s length from the pension scheme might be expected to be required to pay the debt.

[F8(6)For the purposes of this section whether a person is connected with another person is determined in accordance with section 993 of ITA 2007.]

Textual Amendments

F1Words in s. 162(2)(a) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 468(2) (with Sch. 2)

F2Words in s. 162(3) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(a)

F3Words in s. 162(3) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 6(2), 64(1)

F4Words in s. 162(3) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(b)

F5Words in s. 162(4) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(a)

F6Words in s. 162(4) inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 6(3), 64(1)

F7Words in s. 162(4) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 161(2), Sch. 23 para. 5(b)

F8S. 162(6) substituted (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 468(3) (with Sch. 2)

Commencement Information

I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284

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