Related Commentary  Related CasesRelated HMRC Manuals

253(1)  In this section “a qualifying loan”  means a loan in the case of which–

(a)the money lent is used by the borrower wholly for the purposes of a trade carried on by him, not being a trade which consists of or includes the lending of money, and

(b)the borrower is resident in the United Kingdom, and

(c)the borrower’s debt is not a debt on a security as defined in section 132;

and for the purposes of paragraph (a) above money used by the borrower for setting up a trade which is subsequently carried on by him shall be treated as used for the purposes of that trade.

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