16(1)A person may make an application to the Commissioners for Her Majesty's Revenue and Customs for approval of a qualifying loan made to T.U.K.
(2)An officer of Revenue and Customs may grant such an application if satisfied that, in relation to the loan—
(a)the qualifying payments condition is met (see paragraph 17), or
(b)the commercial terms condition is met (see paragraph 18).
(3)Subject to sub-paragraph (4), an application may be made in 2018.
(4)An application may be made after 2018 if an officer of Revenue and Customs considers it reasonable in all the circumstances for a late application to be made.
(5)An application for an approval must be made in such form and manner, and contain such information, as may be specified by, or on behalf of, the Commissioners for Her Majesty's Revenue and Customs.
(6)An officer of Revenue and Customs must notify the applicant of the decision on an application.