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Finance Act 1974
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10The conditions referred to in paragraph 9 above are—
(a)that, when the interest is paid, the company continues to satisfy any of the conditions of paragraph 3A(2) of Schedule 16 to the [1972 c. 41.] Finance Act 1972 and the individual has a material interest in the company, and
(b)that in the period from the application of the proceeds of the loan to the payment of the interest the individual has worked for the greater part of his time in the actual management or conduct of the business of the company, or of an associated company of the company, and
(c)that he shows that in that period he has not recovered any capital from the company, apart from any amount taken into account under paragraph 13 below.
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