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Finance Act 2011

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This is the original version (as it was originally enacted).

“Long term” equity and liabilities

75(1)Liabilities are “long term” to the extent that—

(a)as at the end of the chargeable period, the liabilities are not required, and cannot be required, to be repaid or otherwise met during the 12 month period starting with the last day of the chargeable period, and

(b)in the case of liabilities of one member of the relevant group to another member of the relevant group, an officer of Revenue and Customs is satisfied that the following condition is also met in relation to the liabilities.

(2)The condition is that, as at the end of the chargeable period, the liabilities are funded by the relevant group through—

(a)equity,

(b)excluded liabilities to persons who are not members of the relevant group, or

(c)liabilities to such persons which are not required, and cannot be required, to be repaid or otherwise met during the 12 month period starting with the last day of the chargeable period.

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