Section 199(1)

A “quasi-loan” is a transaction under which one party (“the creditor”) agrees to pay, or pays otherwise than in pursuance of an agreement, a sum for another (“the borrower”) or agrees to reimburse, or reimburses otherwise than in pursuance of an agreement, expenditure incurred by another party for another (“the borrower”)— on terms that the borrower (or a person on his behalf) will reimburse the creditor; or in circumstances giving rise to a liability on the borrower to reimburse the creditor.

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Source: legislation.gov.uk · retrieved 2026-09-04