Section 412 | [ Section 411: Interpretation] | Taxation International And Other Provisions Act 2010 C8

[412 Section 411: interpretation]

Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[412 Section 411: interpretation]

[(1) For the purposes of section 411(1)(b), expenses are “ancillary” to a loan relationship [or related transaction] if and only if they are incurred directly—

(a) in bringing, or attempting to bring, the relationship into existence,

[(ab) in entering into or giving effect to, or attempting to enter into or give effect to, the related transaction,]

(b) in making payments under the loan relationship [or as a result of the related transaction], or

(c) in taking steps to ensure the receipt of payments under the loan relationship [or in accordance with the related transaction].

(2) For the purposes of section 411(1)(e) and (2)(d) a derivative contract is “relevant” if its underlying subject matter consists only of one or more of the following—

(a) interest rates;

(b) any index determined by reference to income or retail prices;

(d) an asset or liability representing a loan relationship;

(e) any other underlying subject matter which is—

(i)