285 Interpretation of Chapter
Income Tax Act 2007 (2007 c 3) | Legislation

285  Interpretation of Chapter

(1)     Chapter 4 has effect for interpreting references in this Chapter to a “qualifying holding”.

(2)     In this Chapter and the following Chapters of this Part “securities”, in relation to a company, includes any liability of the company in respect of a loan . . ., except that it does not include—

(a)     any liability of the company in respect of a loan which has been made to the company on terms which allow any person to require—

(i)     the loan to be repaid, or

(ii)     any stock or security relating to the loan to be re-purchased or redeemed,

within the period of 5 years from the making of the loan or, as the case may be, the issue of the stock or security, or

(b)     any stock or security relating to a loan which has been made to the company on terms which allow any person to require the loan to be repaid, or the stock or security to be re-purchased or redeemed, within that period[, or

(c)     any liability of the company in respect of a loan to which subsection (2A) applies that has been made to the company].

But see sections 317(4) and 328(2).

[(2A)

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