# Finance Act 2009, Paragraph 3


(1) Section 375 (late interest: loans to close companies by participators etc) is amended as follows.
(2) In subsection (1), insert at the end (not as part of paragraph (b))— “ and, where subsection (4A) applies, the non-qualifying territory condition is met. ”
(3) In subsections (3)(b) and (4)(b), after “resident” insert “ for tax purposes ”.
(4) After subsection (4) insert—
“(4A) This subsection applies if C is a company; and the non-qualifying territory condition is that C is—
(a) resident for tax purposes in a non-qualifying territory at any time in the actual accrual period, or
(b) effectively managed in a non-taxing non-qualifying territory at any such time.”

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Source: https://www.legislation.gov.uk/ukpga/2009/10/schedule/20/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2009/schedule-20/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.