SCHEDULES
SCHEDULE 26 Transfers: tax
Part II Transfers to SRA from Franchising Director, Secretary of State and F4the Office of Rail and Road
Loan relationships
7
1
Sub-paragraph (2) applies if as a result of a relevant transfer the transferee replaces, or (if the transferor had been a company) would have replaced, the transferor as a party to a loan relationship.
2
F2Part 5 of the Corporation Tax Act 2009 is to have effect in relation to the time when the relevant transfer takes effect and any later time as if—
a
the transferee had been a party to the loan relationship at the time the transferor became, or (if the transferor had been a company) would have become, a party to the loan relationship and at all times since that time, and
b
the loan relationship to which the transferee is a party after the time the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.
3
For the purposes of sub-paragraph (2) the transferor (and accordingly the transferee) is to be taken to have accounted for the loan relationship in accordance with F1a basis of accounting corresponding to that in accordance with which the transferee accounts for the loan relationship in the accounting period in which the transfer takes effect.
Words in Sch. 26 Pt. 2 heading substituted (E.W.S) (16.10.2015) by The Office of Rail Regulation (Change of Name) Regulations 2015 (S.I. 2015/1682), reg. 1(2), Sch. para. 4(p)(vi)