Paragraph 1
United Kingdom
For the purposes of section 161B(1) a loan “on ordinary commercial terms” means a loan—
(a)
made by a person (“the lender”) in the ordinary course of a business carried on by him which includes—
(i)
the lending of money, or
(ii)
the supplying of goods or services on credit, and
(b)
in relation to which the requirements of paragraph 2, 3 or 4 below are met.
Notes on Schedule 7A
Textual amendments
- F1
Schs. 6, 6A, 7, 7A repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 paras. 110, 111, Sch 8 Pt. 1 (with Sch. 7)
- F2
Sch. 7A inserted (with effect in accordance with s. 57(2) of the amending Act) by Finance Act 2000 (c. 17), s. 57(1), Sch. 10 para. 5(2)