Part 5Loan Relationships
Chapter 18General and supplementary provisions
Connections between persons
470Section 469: supplementary provisions
1
For the purposes of conditions D and E in section 469 assets are taken to be of the same kind if they—
a
are treated as being of the same kind by the practice of any recognised stock exchange, or
b
would be so treated if dealt with on such an exchange.
2
For the purposes of condition E in section 469 an asset is beneficially owned by a connected company if there is a connection between—
a
the company which beneficially owns it, and
b
a company which stands in the position of a debtor as respects the money debt by reference to which any loan relationship represented by that asset exists.
3
Whether there is a connection for the purposes of subsection (2) at any time in an accounting period (“the relevant time”) is determined in accordance with section 466(2), (3), (5) and (6)—
a
applying the conditions in section 466(2) only at the relevant time, and
b
ignoring section 468.