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KEN MOODY explains the rules on connected party debt in the context of loan relationships and connected companies
KEY POINTS
- The PBR 2008 proposes two changes to loan relationship rules for connected parties.
- Defining connection by control.
- The implications of corporate partnerships.
- Determining whether a connection exists.
- Writing off and releasing a trade debt.
- The legislative changes.
- Trade debts money debts and loan relationships.
I write regularly on the employment-related securities legislation which I have sometimes compared to the loan relationship rules.
In each case there exists a body of very complex legislation which has no ‘back door’ or de minimis provision and therefore affects Joe Soap Ltd as well as BP plc.
It follows that practitioners dealing with the smallest private companies must have at least a passing acquaintance with the rules in each case.
In this article I...
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