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2.—(1) In these Regulations—
“capital market arrangement” and “capital market investment” have the same meaning as in section 72B(1) of the Insolvency Act 1986(1) (see paragraphs 1, 2 and 3 of Schedule 2A to that Act);
“ICTA” means the Income and Corporation Taxes Act 1988(2);
“independent persons” means persons who are not connected with a company (and see paragraph (2));
“insurance special purpose vehicle” and “Insurance Prudential Sourcebook” have the same meanings as in section 431(2) of ICTA(3).
(2) Section 839 of ICTA(4) (connected persons) applies for the purposes of the definition of “independent persons”, except that in applying the definition of “control” in that section a person is not to be treated as a participator in a company by reason only that he is a loan creditor of the company.
1986 c.45. Section 72B was inserted by section 250(1) of the Enterprise Act 2002 (c. 40) and Schedule 2A was inserted by section 250(2) of, and Schedule 18 to, that Act. Paragraph 1 of Schedule 2A was amended by S.I. 2003/1468 and S.I. 2003/2093.
These definitions were inserted by articles 2 and 4(1) and (2)(c) of S.I. 2006/3270.
1988 c. 1. Section 839 was amended by paragraph 20 of Schedule 17 to the Finance Act 1995 (c. 4), paragraph 341 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) and S.I. 1988/745.
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