# Finance (No. 2) Act 2017, Paragraph 25


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—
(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,
(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
(c) there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.

---
Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/11/paragraph/25 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-11/paragraph-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.