Valid from 01/04/2009

Part 5 U.K. Loan Relationships

Chapter 8 U.K. Connected parties relationships: late interest

377 Party to loan relationship having major interest in other party U.K.

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.