Part 9 Other Reliefs
Income Tax Act 2007 (2007 c 3) | Legislation

Part 9 Other Reliefs

Interest: loans for interests in close companies

91

Section 392(3)(a) does not apply if the shares were acquired before 14 March 1989.

92

Section 392(3)(b) does not apply if the shares were acquired before 6 April 1989.

93

(1)     In relation to a loan made before 14 November 1986—

(a)     section 395(1)(c) applies with the substitution for “the trustees of†of “any person (other than the individual) interested inâ€, and

(b)     section 395(1)(d) applies with the substitution for “the personal representatives†of “any person (other than the individual) interested in the estateâ€.

(2)     No individual is an associate because of sub-paragraph (1)(a) if the trust relates exclusively to a registered pension scheme.

(3)     No individual is an associate because of sub-paragraph (1)(a) if —

(a)     the trust—

(i)     is exclusively for the benefit of the employees, or the employees and directors, of the company or their dependants, and

(ii)     is not wholly or mainly for the benefit of the directors or their relatives, and

(b)     the individual—

(i)     is not (either alone or with relatives) the beneficial owner of more than 5% of the company's ordinary share capital, and

(ii)

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