Anti-avoidance
This section has no associated Explanatory Memorandum
4.—(1) A sequence of finance arrangements is considered to be a single finance arrangement made for a long-term funding purpose if the following conditions are met.
(2) The first condition is that the sequence of finance arrangements when taken together will not be settled or terminated within 12 months.
(3) The second condition is that the sequence of finance arrangements is part of a scheme or arrangement the main purpose, or one of the main purposes, of which is to characterise a loan relationship as a short-term loan relationship for the purposes of paragraph 60 of Schedule 15 to FA 2009.