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Income Tax Act 2007

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Changes over time for: Section 288

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288The no guaranteed loan requirementU.K.
This section has no associated Explanatory Notes

(1)The requirement of this section is that there are no securities relating to a guaranteed loan in the relevant holding.

(2)For the purposes of this section, a security relates to a guaranteed loan if (and only if) there are arrangements for the investing company to be or to become entitled to receive anything (whether directly or indirectly) from a third party in the event of the failure by any person to comply with—

(a)the terms of the loan to which the security relates, or

(b)the terms of the security.

(3)For the purposes of subsection (2) it does not matter whether the arrangements apply in all cases of a failure to comply or only in some such cases.

(4)For the purposes of this section “third party” means any person except—

(a)the relevant company, and

(b)if the relevant company is a parent company that meets the trading requirement in section 290(1)(b), the subsidiaries of that company.

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