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Income and Corporation Taxes Act 1988
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Changes over time for: Section 398
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Point in time view as at 17/07/2012.
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Income and Corporation Taxes Act 1988, Section 398 is up to date with all changes known to be in force on or before 25 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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398 Transactions in deposits with and without certificates or in debts.U.K.
M1Where [F1a company] sustains a loss on the exercise or disposal of a right to receive any amount, being a right to which section 56(2) F2. . . applies, in a case where—
(a)if a profit had arisen from that exercise or disposal, that profit would have been chargeable to [F3corporation] tax by virtue of section 56(2) F4. . . , and
(b)[F5the company is chargeable to corporation tax under [F6Part 5 of CTA 2009 (loan relationships)]] in respect of interest payable on that amount,
then the amount of that interest shall be included in the amounts against which [F7the amount of its loss may be set off under [F8section 91 of CTA 2010].]
Textual Amendments
F1Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(2) (with Sch. 2)
F2Words in s. 398 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(3), Sch. 3 Pt. 1 (with Sch. 2)
F3Words in s. 398(a) inserted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(a) (with Sch. 2)
F4Words in s. 398(a) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(4)(b), Sch. 3 Pt. 1 (with Sch. 2)
F5Words in s. 398(b) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(5) (with Sch. 2)
F6Words in s. 398(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 114 (with Sch. 2 Pts. 1, 2)
F7Words in s. 398 substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 75(6) (with Sch. 2)
F8Words in s. 398 substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 36 (with Sch. 2)
Marginal Citations
M1Source—1973 s.26(2); 1974 s.30(2)
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