13 Relief for loan interest: loan to buy interest in close company
Finance Act 2014 (2014 c 26) | Legislation

13  Relief for loan interest: loan to buy interest in close company

(1)     Chapter 1 of Part 8 of ITA 2007 (relief for interest payments) is amended as follows.

(2)     In section 392 (loan to buy interest in close company), in subsection (4)—

(a)     after “section 393—” insert—

““close company” includes a company which—

(a)     is resident in an EEA state other than the United Kingdom, and

(b)     if it were UK resident, would be a close company,”, and

(b)     in the definition of “close investment-holding company”, for “section 34 of CTA 2010” substitute “section 393A”.

(3)     After section 393 insert—

“393A Close investment-holding companies

(1)     For the purposes of sections 392 and 393, a close company (“the candidate company”) is a close investment-holding company in an accounting period unless throughout the period it exists wholly or mainly for one or more of the permitted purposes set out in subsection (2).

There is an exception to this rule in subsection (5).

(2)

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