Section 153A | Certain guarantees not capable of being arm’s length

Where—^F1

(a)the actual provision includes provision for the borrowing of an amount,^F1

(b)the amount would not have been lent between independent enterprises but for a guarantee, and^F1

(c)such a guarantee was provided by a person with whom the borrower has a participatory relationship,^F1

provision for the guarantee (to the extent it relates to the borrowing of that amount) is never to be regarded as arm’s length provision for the purposes of this Part.