176 Exception for loans on ordinary commercial terms
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

176  Exception for loans on ordinary commercial terms

(1)     A loan on ordinary commercial terms is not a taxable cheap loan.

(2)     In this section 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 the lender which includes—

(i)     the lending of money, or

(ii)     the supplying of goods or services on credit, and

(b)     in relation to which condition A, B or C is met.

(3)     Condition A is met if—

(a)     at the time the loan was made comparable loans were available to all those who might be expected to avail themselves of the services provided by the lender in the course of the lender's business,

(b)     a substantial proportion of the loans (consisting of the loan in question and the comparable loans) made by the lender at or about the time the loan in question was made were made to members of the public,

(c)     the loan in question

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