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2(1)In this Schedule “loan” includes—
(a)any form of credit;
(b)a payment that is purported to be made by way of a loan.
(2)For the purposes of paragraph 1, a person (“P”) makes a “quasi-loan” to T if (and when) P acquires a right (the “acquired debt”)—
(a)which is a right to a payment or a transfer of assets, and
(b)in respect of which the condition in sub-paragraph (3) is met.
(3)The condition is met in relation to a right if there is a connection (direct or indirect) between the acquisition of the right and—
(a)a payment made, by way of a loan or otherwise, to T, or
(b)a transfer of assets to T.
(4)Where a loan or a quasi-loan made to T is replaced, directly or indirectly, by another loan (the “replacement loan”), references in paragraph 1 to the loan are references to the replacement loan.
(5)Where a loan or a quasi-loan made to T is replaced, directly or indirectly, by another quasi-loan (the “replacement quasi-loan”), references in paragraph 1 to the quasi-loan are references to the replacement quasi-loan.
(6)In this Schedule, “approved repayment date”, in relation to an approved fixed term loan, means the date by which, under the terms of the loan at the time of making the application for approval under paragraph 16, the whole of the loan must be repaid.
(7)In this paragraph and in paragraphs 3, 9, 10, 19 and 20—
(a)“T” is the person mentioned in section 23A(2) of ITTOIA 2005,
(b)references to T include references to a person who is or has been connected with T, and
(c)for that purpose, section 993 of ITA 2007 (meaning of “connected”) applies for the purposes of this Schedule but as if subsection (4) of that section were omitted.
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