[554F Exclusions: commercial transactions]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[554F  Exclusions: commercial transactions]

[(1)     Chapter 2 does not apply by reason of a relevant step which is the payment of a sum of money by way of a loan if—

(a)     the loan is a loan on ordinary commercial terms within the meaning of section 176, ignoring conditions B and C in that section, and

(b)     there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.

(2)

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