(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 section 841 of ICTA), or
(b)offered to the public.
(3)A guarantee of a loan made to or in respect of a member or sponsoring employer of a registered pension scheme is to be treated as a loan to or in respect of the member or sponsoring employer of an amount equal to the amount guaranteed.
(4)If a member or sponsoring employer of a registered pension scheme—
(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 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.