Related Commentary  Related HMRC Manuals

396(1)  This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).

396(2)  The ways are–

(a)acquiring part of the ordinary share capital of a company that first becomes an employee-controlled company–

(i)after the date of acquisition, or

(ii)not earlier than 12 months before that date, and

(b)repaying another loan to which this section applies.

396(3)  For the purposes of this section and section 397, a company is employee-controlled at any time when–

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