Interpretation
2. In these Regulations unless the context otherwise requires—
“interbank market” and “relevant interbank market” have the same meaning as in regulation 4;
“interest period” has the meaning given to it by regulation 5;
“loan” means a loan in respect of which—
(a)foreign loan interest is payable, (b) the lender is entitled in accordance with Chapter II of Part XVIII of the Income and Corporation Taxes Act 1970(1)to credit for foreign tax chargeable on or by reference to the foreign loan interest, and (c) the amount of the lender’s financial expenditure is not readily ascertainable;
“loan agreement” means, in relation to a loan, any agreement in pursuance the loan is made;
“subsection (5B)” means subsection (5B) of section 65 of the Finance Act 1982(2).
1970 c. 10; relevant amendments to Chapter II of Part XVIII were made by section 67 of the Finance Act 1982 (c. 39)
Subsection (5B) was inserted by section 67(5) of the Finance (No.2) Act 1987 (c. 51)