Related Commentary  Related HMRC Manuals

410(1)  This subsection applies if–

(a)a loan to which one of the business loan provisions or section 398 (loan to invest in partnership) applies is made to an individual (“the original loan” ),

(b)the company, partnership or co-operative in question is involved in a transaction as a result of which the individual acquires shares in or makes a loan to another company or a body that is a co-operative,

(c)interest payable on the original loan for the period ending with the time of the transaction was eligible for relief (or would have been had any been payable), and

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