{
  "url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-25",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-25.json",
  "legislation": "ukpga/2017/32",
  "legislation_title": "Finance (No. 2) Act 2017",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2017",
  "path": "schedule/11/paragraph/25",
  "kind": "paragraph",
  "number": "25",
  "heading": null,
  "text": "Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person (“P”) if—\n(a) P is treated as taking a relevant step by that paragraph by reason of the payment of a sum of money by way of a loan,\n(b) the loan is (at the time it is made) a loan on ordinary commercial terms within the meaning of section 176 of ITEPA 2003, ignoring conditions B and C in that section, and\n(c) there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/25",
    "retrieved_at": "2026-10-29T09:05:16.335265+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}