Related Commentary  Related HMRC Manuals


In s. 392, in the heading, the word “etc” inserted by FA 2014, s. 13(4)(c) with effect in relation to interest paid in the tax year 2014–15 or any subsequent tax year.

392(1)  This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).

392(2)  The ways are–

(a)acquiring any part of the ordinary share capital of a close company that is not a close investment-holding company,

(b)lending to such a company money which is used wholly and exclusively–

(i)for the purposes of the business of the company, or

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