Chapter CFM97340
| Published date | 16 April 2016 |
| Record Number | CFM97340 |
A loan relationship is a qualifying old loan relationship of a qualifying infrastructure company (QIC) if the company entered into the loan relationship on or before 12 May 2016 and at 12 May 2016, at least 80% of the total value of the company’s future qualifying infrastructure receipts for the qualifying period was highly predictable by references to qualifying public contracts.
In considering whether the company’s future qualifying infrastructure receipts are highly predictable, no account is taken of income which is essentially the reimbursement of expenses (sometimes referred to as “pass through costs”).
If it is a qualifying old loan relationship at 12 May 2016, a loan relationship will continue to be one, subject to amendments being made to the loan, and to changes in the assets held by the company which entered into that loan relationship.
Qualifying periodA qualifying period for the purposes of a qualifying old loan relationship means the period beginning on 12 May 2016 and ending on the earlier of 11 May 2026 and the date the loan relationship ceases.
Qualifying public contractA qualifying public contract is a contract which was entered into at any time on or before 12 May 2016 and, at that time, was expected to have effect for at least 10 years and it was entered into with a relevant public body or following bids made in an auction conducted by a relevant public body.
For the purposes of the meaning of a qualifying public contract, bids made in an auction has its ordinary meaning.
Example 1Ofgem, acting on behalf of the Gas and Electricity Market Authority (GEMA) appoints a system operator, to be...
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