(1)This Chapter contains rules about impairment losses and releases of debts in the case of companies connected with other companies.
(2)In particular, see—
(a)sections 354 to 357 (which prevent debits in respect of impairment losses and release debits from being brought into account in the case of connected companies relationships, subject to some exceptions),
(b)sections 358 to 360 (which exclude credits in respect of the release of debts or the reversal of impairments from being brought into account in that case, except where the release is a deemed release under section 361 or 362), and
(c)sections 361 to 363 (which treat debt releases as occurring when impaired debts become held by companies which might otherwise benefit from the exclusion under section 358).
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Section 466 (companies connected for an accounting period) applies for the purposes of sections 354 to 360.
(5)For the circumstances in which companies are connected for sections 361 and 362, see section 363.
(6)For the meaning of “impairment loss [F2and release debit]” see section 476(1).
Textual Amendments
F1S. 353(3) omitted (22.4.2009 retrospective) by virtue of Finance Act 2009 (c. 10), s. 42(2)(a)(12)
F2Words in s. 353(6) inserted (22.4.2009 retrospective) by Finance Act 2009 (c. 10), s. 42(2)(b)(12)