Meaning of “approved fixed term loan”
15(1)A loan is an “approved fixed term loan” on 5 April 2019 if, at any time on that day, it is a qualifying loan which has been approved by an officer of Revenue and Customs in accordance with paragraph 16.
(2)A loan is a “qualifying loan” if—
(a)the loan was made before 9 December 2010,
(b)the term of the loan cannot exceed 10 years, and
(c)it is not an excluded loan under sub-paragraph (3).
(3)A loan is an excluded loan if, at any time after the loan was made—
(a)the loan has been replaced, directly or indirectly, by another loan, or
(b)the terms of the loan have been altered so as—
(i)to meet the condition in sub-paragraph (2)(b), or
(ii)to postpone the date by which, under the terms of the loan, the whole of the loan must be repaid.