Section 764 — Corporation Tax Act 2010: Relevant change in relation to partnership

Relevant change in relation to partnership 764 1 For the purposes of this Chapter there is a relevant change in relation to a partnership if condition A or condition B is met.

2 Condition A is that in connection with the arrangement the lender or a person connected with the lender becomes a member of the partnership at any time.

3 Condition B is that—

a in connection with the arrangement there is at any time a change in a member's share in the partnership's profits, and b the member is the lender or a person connected with the lender or a person who in connection with the arrangement becomes at any time connected with the lender.

4 An event occurs in connection with the arrangement if it occurs directly or indirectly in consequence of it or otherwise in connection with it.

5 If there is a relevant change in relation to a partnership, a reference in this Chapter to the person involved in the change is—

a if it is condition A that is met, to the person who becomes a member of the partnership, and b if it is condition B that is met, to the member of the partnership in whose share in the partnership's profits there is a change.