EIM47015 - Para 1(2) and (6): loan charge relevant step: timing of relevant step

Schedule 11 F(No 2)A 2017

Where an amount of a loan or quasi-loan is outstanding, the person (“P”) who made the loan or quasi-loan is treated as taking a relevant step immediately before the end of 5 April 2019.

There are 2 exceptions to this:

• where an approved fixed term loan has been made – see EIM47105
• where an application to be treated as taking the relevant step at a later date has been made by the relevant person following the payment of an accelerated payment notice – see EIM47130