PART 1Income tax, corporation tax and capital gains tax
CHAPTER 3Corporation tax: general
Miscellaneous
32Group relief: meaning of “normal commercial loan”
1
CTA 2010 is amended as follows.
2
In section 162(2)(c) (meaning of “normal commercial loan”), after “securities in” insert “
a quoted unconnected company (see section 164(2A)) or in
”
.
3
In section 164 (sections 160 and 162: supplementary), in subsection (2)(c), after “securities in” insert “
a quoted unconnected company (see subsection (2A)) or in
”
.
4
After subsection (2) of that section insert—
2A
For the purposes of this section and section 162 a company is a quoted unconnected company if (and only if)—
a
its ordinary shares are listed on a recognised stock exchange, and
b
it is not connected with the relevant company.
5
In subsection (4) of that section—
a
for “If the candidate company's” substitute “
In the case of a company whose
”
, and
b
for “subsection (3)(c) is” substitute “
subsections (2A)(a) and (3)(c) are
”
.
6
In subsection (5) of that section, for “subsections (3) and (4)” substitute “
this section
”
.
7
The amendments made by this section have effect in relation to loans made on or after 21 March 2012.