C1Part 5Loan Relationships
Chapter 8Connected parties relationships: late interest
378Loans by trustees of occupational pension schemes
1
The case to which this section applies is where—
a
the loan is one made by trustees of an occupational pension scheme, and
b
condition A, B or C is met.
2
Condition A is that there is a time in the actual accrual period when the company which has the debtor relationship (“D”) is the employer of employees to whom the scheme relates.
3
Condition B is that there is a connection between D and such an employer for the actual accrual period.
4
Condition C is that a company is such an employer and there is a time in the actual accrual period when—
a
D has a major interest in that company, or
b
that company has a major interest in D.
5
In this section “occupational pension scheme” has the meaning given in section 150(5) of FA 2004.
6
Section 466 (companies connected for an accounting period) applies for the purposes of this section.
Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)