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(1)A company (“A”) is not under the control of another company (“B”) for the purposes of section 25(4) if—
(a)B is a loan creditor of A,
(b)there is no other connection between A and B, and
(c)either—
(i)B is not a close company, or
(ii)B's relationship to A as a loan creditor arose in the ordinary course of a business which B carries on.
(2)Subsection (3) applies if—
(a)two companies (“A” and “B”) are controlled by the same person who is a loan creditor of each of them,
(b)there is no other connection between A and B, and
(c)either—
(i)the loan creditor is a company which is not a close company, or
(ii)the loan creditor's relationship to each of A and B as a loan creditor arose in the ordinary course of a business which the loan creditor carries on.
(3)In determining for the purposes of this Part whether A and B are associated with each other, rights which the loan creditor has as a loan creditor of A, or as a loan creditor of B, are ignored.
(4)In subsection (2)(a) “control” has the same meaning as in section 25(4).
(5)In this section—
(a)“connection” includes a connection in the past as well as a connection in the present, and
(b)references to a connection between two companies include any dealings between them.
(6)In this section references to a loan creditor of a company are to be read in accordance with section 453.
Modifications etc. (not altering text)
C1Ss. 25-30 applied by Capital Allowances Act 2001 (c. 2), s. 99(5) (as substituted (with effect in accordance with s. 1184(1) of the amending Act) by 2010 c. 4, s. 1184(1), Sch. 1 para. 332 (with Sch. 2))
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