71 Further charges to tax: borrowing
Finance Act 1989 (1989 c 26) | Legislation

71  Further charges to tax: borrowing

(1)     This section applies where—

(a)     a chargeable event (within the meaning of section 69 above) occurs in relation to the trustees of an employee share ownership trust,

(b)     at the time the event occurs anything is outstanding in respect of the principal of an amount or amounts borrowed at any time by the trustees, and

(c)     the chargeable event is one as regards which section 72(2)(b) below applies.

(2)     In the following provisions of this section—

(a)     “the initial chargeable event” means the event referred to in subsection (1)(a) above, and

(b)     “the total outstanding amount” means the total amount outstanding, at the time the initial chargeable event occurs, in respect of the principal of an amount or amounts borrowed at any time by the trustees.

(3)     If any of the total outstanding amount is repaid after the chargeable event occurs, a further chargeable event shall occur in relation

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