253 Relief for loans to traders
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

253  Relief for loans to traders

(1)     In this section “a qualifying loan” means a loan in the case of which—

(a)     the money lent is used by the borrower wholly for the purposes of a trade carried on by him, not being a trade which consists of or includes the lending of money, and

(b)     [if the loan is made before 24 January 2019,] the borrower is resident in the United Kingdom, and

(c)     the borrower's debt is not a debt on a security as defined in section 132;

and for the purposes of paragraph (a) above money used by the borrower for setting up a trade which is subsequently carried on by him shall be treated as used for the purposes of that trade.

(2)     In subsection (1) above references to a trade include references to a profession or vocation; and where money lent to a company is lent by it to another company in the same group, being a trading company, that subsection shall apply to the money lent to the first-mentioned company as if it had used it for any purpose for which it is used by the other company while a member of the group.

(3)

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