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Finance Act 2011, Paragraph 75 is up to date with all changes known to be in force on or before 25 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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75(1)Liabilities are “long term” to the extent that—U.K.
(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.
[F1(3)This paragraph is subject to paragraph 76A.]
Textual Amendments
F1Sch. 19 para. 75(3) inserted (with effect in accordance with Sch. 26 para. 11(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 26 para. 11(2) (with Sch. 26 para. 13)
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