Loans that become employer-related15
1
If either a loan or a security which is an investment creating or acknowledging a debt becomes an employer-related loan on or after 6th April 1997 as a result of a change in the ownership of the employer or the person to whom the loan was made, the loan or security may be retained until whichever is the latest of—
a
the date falling two years after the date on which it became an employer-related loan; or
b
where repayment cannot by virtue of contractual or other legal obligations be required or, in the case of securities, disinvestment effected before the date mentioned in sub-paragraph (a), the earliest date on which repayment can be enforced, or disinvestment effected.
2
In paragraph (1)—
a
“loan” does not include any sum regarded as a loan under section 40(3) of the 1995 Act; and
b
“retained” means left undischarged.