Regulation 2 Interpretation

In these Regulations—

• “any other person”, in relation to an individual, includes a partnership of which the individual is a member;

• “arrangement” means any scheme, arrangement or understanding of any kind (whether or not it is, or is intended to be, legally enforceable);

• “bank” has the meaning given by section 840A of ICTA^f1;

• “contribution to the relevant trade”—

  1. (a)

     for the purposes of section 118ZN of ICTA, has the meaning in that section, and

  2. (b)

     for the purposes of section 119 FA 2004, means the capital contribution to the relevant trade;

• “events” includes an omission to exercise a right;

• “FA 2004” means the Finance Act 2004;

• “ICTA” means the Income and Corporation Taxes Act 1988;

• “loan” includes—

  1. (a)

     an advance of money, or any form of credit and “takes out a loan” shall be construed accordingly; and

  2. (b)

     except in regulation 4(4)(a), any loan which, directly or indirectly, replaces the original loan (and so on, through any number of such loans);

• “repaying”, where the context requires, includes part repayment.