Regulation 2 Interpretation

In these Regulations—

• “ITA 2007” means the Income Tax Act 2007;

• “cancelled certificate” has the meaning given by regulation 7(7);

• “creditor” means, in respect of a payment of interest on a relevant security, the person who is beneficially entitled to that interest;

• “creditor certificate” has the meaning given by regulation 5(1);

• “notification” means a notification in writing;

• “relevant debtor” means the company which stands in the position of debtor in relation to a relevant security;

• “relevant security” means a security or a loan relationship entered into before, on or after the date on which these Regulations come into force;

• “scheme” includes any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable, involving a single transaction or two or more transactions;

• “tax advantage scheme” means a scheme the main purpose, or one of the main purposes, of which is to obtain a tax advantage within the meaning given by section 1139 of CTA 2010^f1, other than a negligible tax advantage;

• “withdrawn certificate” has the meaning given by regulation 6(4).

Reference in these Regulations to a relevant security being entered into includes a relevant security being issued.