# Finance Act 2012, Section 32: Group relief: meaning of “normal commercial loan”


(1) CTA 2010 is amended as follows.
(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 ”.
(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 ”.
(4) After subsection (2) of that section insert—
“(2A) For the purposes of this section and section 162 a company is a quoted unconnected company if (and only if)—
(a) its ordinary shares are listed on a recognised stock exchange, and
(b) it is not connected with the relevant company.”
(5) In subsection (4) of that section—
(a) for “If the candidate company's” substitute “ In the case of a company whose ”, and
(b) for “subsection (3)(c) is” substitute “ subsections (2A)(a) and (3)(c) are ”.
(6) In subsection (5) of that section, for “subsections (3) and (4)” substitute “ this section ”.
(7) The amendments made by this section have effect in relation to loans made on or after 21 March 2012.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/section/32 (the official version)
Page: https://openlegislation.uk/finance-act-2012/section-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.