Section 378 — Corporation Tax Act 2009: Loans by trustees of occupational pension schemes

Loans by trustees of occupational pension schemes 378 1 The case to which this section applies is where—

a the loan is one made by trustees of an occupational pension scheme, and b condition A, B or C is met.

2 Condition A is that there is a time in the actual accrual period when the company which has the debtor relationship (“D”) is the employer of employees to whom the scheme relates.

3 Condition B is that there is a connection between D and such an employer for the actual accrual period.

4 Condition C is that a company is such an employer and there is a time in the actual accrual period when—

a D has a major interest in that company, or b that company has a major interest in D.

5 In this section “ occupational pension scheme ” has the meaning given in section 150(5) of FA 2004.

6 Section 466 (companies connected for an accounting period) applies for the purposes of this section.