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Finance (No. 2) Act 2017
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- UK Public General Acts
- 2017 c. 32
- SCHEDULE 11
- PART 3
- Commercial transactions
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Commercial transactionsU.K.
25U.K.Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person (“P”) if—
(a)P is treated as taking a relevant step by that paragraph by reason of the payment of a sum of money by way of a loan,
(b)the loan is (at the time it is made) a loan on ordinary commercial terms within the meaning of section 176 of ITEPA 2003, ignoring conditions B and C in that section, and
(c)there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.
26U.K.In section 554F of ITEPA 2003 (exclusions: commercial transactions), at the end insert—
“(6)See paragraph 25 of Schedule 11 to F(No. 2)A 2017 for provision about exclusions where a loan is made on ordinary commercial terms and the relevant step is within paragraph 1 of that Schedule.”
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