{
  "url": "https://openlegislation.uk/finance-act-2012/section-32",
  "json_url": "https://openlegislation.uk/finance-act-2012/section-32.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "section/32",
  "kind": "section",
  "number": "32",
  "heading": "Group relief: meaning of “normal commercial loan”",
  "text": "(1) CTA 2010 is amended as follows.\n(2) In section 162(2)(c) (meaning of “normal commercial loan”), after “securities in” insert “ a quoted unconnected company (see section 164(2A)) or in ”.\n(3) In section 164 (sections 160 and 162: supplementary), in subsection (2)(c), after “securities in” insert “ a quoted unconnected company (see subsection (2A)) or in ”.\n(4) After subsection (2) of that section insert—\n“(2A) For the purposes of this section and section 162 a company is a quoted unconnected company if (and only if)—\n(a) its ordinary shares are listed on a recognised stock exchange, and\n(b) it is not connected with the relevant company.”\n(5) In subsection (4) of that section—\n(a) for “If the candidate company's” substitute “ In the case of a company whose ”, and\n(b) for “subsection (3)(c) is” substitute “ subsections (2A)(a) and (3)(c) are ”.\n(6) In subsection (5) of that section, for “subsections (3) and (4)” substitute “ this section ”.\n(7) The amendments made by this section have effect in relation to loans made on or after 21 March 2012.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/section/32",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}