Income Tax Act 2007

This section has no associated Explanatory Notes

93(1)In relation to a loan made before 14 November 1986—U.K.

(a)section 395(1)(c) applies with the substitution for “the trustees of” of “any person (other than the individual) interested in”, and

(b)section 395(1)(d) applies with the substitution for “the personal representatives” of “any person (other than the individual) interested in the estate”.

(2)No individual is an associate because of sub-paragraph (1)(a) if the trust relates exclusively to a registered pension scheme.

(3)No individual is an associate because of sub-paragraph (1)(a) if —

(a)the trust—

(i)is exclusively for the benefit of the employees, or the employees and directors, of the company or their dependants, and

(ii)is not wholly or mainly for the benefit of the directors or their relatives, and

(b)the individual—

(i)is not (either alone or with relatives) the beneficial owner of more than 5% of the company's ordinary share capital, and

(ii)could not become so as a result of the operation of the trust.

(4)For the purposes of sub-paragraph (3)(b), charitable trusts that may arise on the failure or determination of other trusts are ignored.

(5)In relation to any time before 6 April 2006, sub-paragraph (2) applies as if the reference to a registered pension scheme were a reference to an exempt approved scheme, as defined in section 592 of ICTA.