Point in time view as at 19/07/2011.
Finance Act 2009, Paragraph 3 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
3(1)Section 375 (late interest: loans to close companies by participators etc) is amended as follows.U.K.
(2)In subsection (1), insert at the end (not as part of paragraph (b))— “ and, where subsection (4A) applies, the non-qualifying territory condition is met. ”
(3)In subsections (3)(b) and (4)(b), after “resident” insert “ for tax purposes ”.
(4)After subsection (4) insert—
“(4A)This subsection applies if C is a company; and the non-qualifying territory condition is that C is—
(a)resident for tax purposes in a non-qualifying territory at any time in the actual accrual period, or
(b)effectively managed in a non-taxing non-qualifying territory at any such time.”
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