Paragraph 10 C1F1
In determining for the purposes of paragraph 9 the investment that a person (“P”) has in a company, P is to be taken to have all of the rights and interests of any person connected with P.
A person is not to be regarded as connected with another person for the purposes of this paragraph merely as a result of their being parties to a loan that is a normal commercial loan for the purposes of paragraph 9.
Section 286 (connected persons: interpretation) has effect for the purposes of this paragraph—
as if, in subsection (2), for the words from “, or is a relative” to the end there were substituted “ or is a lineal ancestor or lineal descendant of the individual or of the individual's spouse or civil partner ”, and
as if subsections (4) and (8) were omitted.
Annotations
Textual amendments
- F1
Sch. 1A inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 14
Modifications
- C1
Sch. 1A paras. 9, 10 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 11(3)