CTA09/S375(1)(a), S375(3), S375(4)

Connection through participation: CIS based close companies and CIS limited partnerships

One of the categories of connection for the {late interest rules CFM35810} is where the creditor is a participator in a close company (S375). However, this category of connection will not apply to a close company and a participator if the following conditions are met.

For accounting periods ending on or after 1 April 2007

The debtor company is a CIS-based close company and a small or medium-sized enterprise, and the lender is not resident in a non-qualifying territory

or

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