62(1)For the purposes of paragraph 60 the finance arrangement is a short-term loan relationship as respects the period of account of the worldwide group (“the relevant period”) if—
(a)regulations made by the Commissioners provide for it to be so, or
(b)one or other of the following conditions is met.
(2)The first condition is that the finance arrangement does not terminate during the relevant period and—
(a)to the extent that the finance arrangement provides for the creation of money debt, its terms require all money debt created under it to be settled within 12 months of money debt first being created under it, and
(b)to the extent that the finance arrangement is otherwise a loan relationship, its terms provide for it to terminate within 12 months of its coming into force.
(3)The second condition is that the finance arrangement terminates during, or after the end of, the relevant period and—
(a)to the extent that the relationship provided for the creation of money debt, all money debt created under it was settled within 12 months of money debt first being created under it, and
(b)to the extent that the relationship was otherwise a loan relationship, it terminated within 12 months of its coming into force.
(4)The Treasury may by regulations make provision about other circumstances in which the finance arrangement is to be taken not to be a short-term loan relationship as respects—
(a)the relevant period, or
(b)any part or parts of the relevant period.
(5)Regulations under sub-paragraph (4) may include provision for the finance arrangement to be taken never to have been a short-term loan relationship as respects the relevant period or the part or parts of it.
(6)No regulations may be made under sub-paragraph (4) unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons.
(7)The Commissioners may by regulations make provision (including provision conferring a discretion on the Commissioners) about circumstances in which regulations under sub-paragraph (4) are not to apply in relation to the finance arrangements.