Section 201 | Pre-conditions for making election under section 202

(1)Conditions A to E are the pre-conditions for the purposes of section 202.

(2)Condition A is that both of the affected persons are companies.

(3)Condition B is that only one of the affected persons (“the advantaged person”) is a person on whom a potential advantage in relation to United Kingdom taxation is conferred by the actual provision.

(4)Condition C is that the other affected person (“the disadvantaged person”) is within the charge to income tax or corporation tax in respect of profits arising from the relevant activities (see section 216).

(5)Condition D is that the actual provision is made or imposed by means of a series of transactions which include—

(a)borrowing (“the relevant borrowing”) by one of the affected persons ..., and^F1F2

(b)the provision of a guarantee by the other affected person.

(6)Condition E is that the capital market condition is met (see section 204).

(7)Repealed^F3

(8)Repealed^F3

(9)Repealed^F3