# Corporation Tax Act 2009, Section 412: Persons indirectly standing in the position of creditor

Extent: E+W+S+N.I.

(1) For the purposes of sections 407(1)(b) and 409 a person is treated as standing in the position of a creditor if the person indirectly stands in that position by reference to a series of loan relationships or relevant money debts.
(2) If a company (“C”) is so treated for the purposes of section 407(1)(b), the reference in section 407(1)(e) to the corresponding creditor relationship is a reference to C's creditor relationship.
(3) If a person (“P”) is so treated for the purposes of section 409, the reference in section 410(2)(b) to the corresponding creditor relationship is a reference to P's creditor relationship.
(4) In subsection (1) “relevant money debt” means a money debt which would be a loan relationship if a company directly stood in the position of creditor or debtor.

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/412 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-412
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.