[F1196HEmployer asset-backed contributions: “relevant change in relation to the partnership” and “person involved in the relevant change”U.K.

(1)For the purposes of sections 196D and 196F there is a relevant change in relation to the partnership if condition X or Y is met.

(2)Condition X is that, in connection with the asset-backed arrangement, the lender or a person connected with the lender becomes a member of the partnership at any time.

(3)Condition Y is that—

(a)in connection with the asset-backed arrangement, there is at any time a change in a member's share in the partnership's profits, and

(b)the member is the lender or a person connected with the lender or a person who in connection with the asset-backed arrangement becomes at any time connected with the lender.

(4)For the purposes of subsections (2) and (3) an event occurs in connection with the asset-backed arrangement if it occurs directly or indirectly in consequence of it or otherwise in connection with it.

(5)For the purposes of sections 196D to 196G references to the person involved in the relevant change in relation to the partnership are—

(a)if it is condition X that is met, to the lender or the person connected with the lender (as the case may be), and

(b)if it is condition Y that is met, to the member of the partnership in whose share in the partnership's profits there is a change.]