Chapter 2 Basic definitions
Overview
1048.This Chapter provides definitions for this Part and Part 6.
Section 302: “Loan relationship”, “creditor relationship”, “debtor relationship”
1049.This section defines three important terms used in the two Parts. It is based on sections 81(1) and 103(1) of FA 1996.
Section 303: “Money debt”
1050.This section defines “money debt” for the purposes of the definition of a loan relationship in section 302 and elsewhere. It is based on section 81(2) to (4) of FA 1996.
1051.Section 81(6) which states that “money” includes money expressed in a currency other than sterling is unnecessary and has not been rewritten. “Money”, in its usual meaning, already includes currencies other than sterling.
Section 304: “Related transaction”
1052.This section explains what is meant by a “related transaction”. It is based on section 84(5) and (6) of FA 1996.
Section 305: Payments, interest, rights and liabilities under a loan relationship
1053.This section explains what is meant by these terms. It is based on section 81(5) of FA 1996.