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Finance Act 1988
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- UK Public General Acts
- 1988 c. 39
- SCHEDULE 3
- Part I
- Loans for shares in...
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Changes over time for: Cross Heading: Loans for shares in employee-controlled company
Version Superseded: 06/04/2007
Alternative versions:
- 01/02/1991- Amendment
- 01/09/1994
Point in time - 06/04/2007- Amendment
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Point in time view as at 01/09/1994.
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There are currently no known outstanding effects for the Finance Act 1988, Cross Heading: Loans for shares in employee-controlled company.
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Loans for shares in employee-controlled companyU.K.
15(1)In section 361 (relief for interest on loans to acquire shares in employee-controlled company)—U.K.
(a)the words “or his spouse” in subsection (4)(d) and “, or whose spouses,” in subsection (5) shall cease to have effect, and
(b)the following subsection shall be substituted for subsections (6) and (7)—
“(6)Where an individual owns beneficially more than 10 per cent. of the issued ordinary share capital of, or voting power in, a company, the excess shall be treated for the purposes of subsection (5) above as being owned by an individual who is not a full-time employee of the company.”
(2)Sub-paragraph (1) above shall have effect in relation to payments of interest made on or after 6th April 1990 unless the proceeds of the loan were used before that date to defray money applied as mentioned in section 361(3).
(3)Interest paid on a loan made on or after 6th April 1990 to defray money applied in paying off another loan shall not be eligible for relief by virtue of paragraph (b) of subsection (3) of section 361 unless—
(a)the proceeds of the loan paid off were used on or after 6th April 1990 to defray money applied as mentioned in that subsection, or
(b)those proceeds were so used before that date but interest on the loan paid off would have been eligible for relief had they been so used on or after that date.
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