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Finance Act 2002

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This is the original version (as it was originally enacted).

Discounted securities where companies have a connection

33(1)Paragraph 17 of Schedule 9 is amended as follows.

(2)In sub-paragraph (1) (accounting periods to which the paragraph applies) for paragraph (b) substitute—

(b)at any time in that period another company stands in the position of a creditor as respects that security;.

(3)In sub-paragraph (5) (meaning of “connection” between companies) in paragraph (a) (one of the companies has had control of the other in the accounting period or the preceding two years)—

(a)omit “, or in the period of two years before the beginning of that period,”; and

(b)after “control of” insert “, or a major interest in,”.

(4)In paragraph (b) of that sub-paragraph (both companies under control of same person in that period or those two years) omit “, or in those two years,”.

(5)For sub-paragraph (8) (which defines what it is for the benefit of a security to be available to a company) substitute—

(8)Any reference in this paragraph to a person who stands in the position of a creditor as respects a relevant discounted security includes a reference to a person who indirectly stands in that position by reference to a series of relevant discounted securities.

(8A)Where this paragraph applies by virtue of sub-paragraph (8) above, the reference to the corresponding creditor relationship in sub-paragraph (1)(d) above is a reference to the creditor relationship of the company which indirectly stands in the position of a creditor as respects the relevant discounted security..

(6)For sub-paragraph (9) (meaning of “control”) substitute—

(9)For the purposes of this paragraph “control”, in relation to a company, has the same meaning as in section 87 of this Act (see section 87A).

(10)Paragraph 20 below (major interests) applies for the purposes of this paragraph..

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