EIM47115 - Para 21: loan charge relevant step: qualifying payment condition
Schedule 11 F(No 2)A 2017
A loan will meet the qualifying payments condition if:
- repayments of the principal amount of the loan have been made to the lender and
- such payments have been made at intervals of not more than 53 weeks.
These requirements must have been met during what is known as the relevant period. This is the period starting with the making of the loan and ending with the making of the application in respect of the loan to HMRC.