Part 5Loan Relationships

Chapter 8Connected parties relationships: late interest

377Party to loan relationship having major interest in other party

The case to which this section applies is where—

(a)

a person (“C”) standing in the position of a creditor as respects the loan relationship is a company, and

(b)

there is a time in the actual accrual period when—

(i)

the company which has the debtor relationship (“D”) has a major interest in C, or

(ii)

C has a major interest in D.