301Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debitsU.K.
(1)Whether a company has non-trading profits or a non-trading deficit from its loan relationships for an accounting period is determined as follows, using the non-trading credits and non-trading debits given by this Part for the accounting period.
(2)In this Part—
(a)“non-trading credits” means credits for any accounting period in respect of a company's loan relationships that are not brought into account under section 297(2), and
(b)“non-trading debits” means debits for any accounting period in respect of a company's loan relationships that are not brought into account under section 297(3).
(3)But see also—
(a)section 330 (debits in respect of pre-trading expenditure), and
(b)section 482(1) (under which credits or debits to be brought into account under Chapter 2 of Part 6 (relevant non-lending relationships) are treated as non-trading credits or debits).
(4)A company has non-trading profits for an accounting period from its loan relationships if the non-trading credits for the period exceed the non-trading debits for the period or there are no such debits.
(5)The non-trading profits are equal to those credits, less any such debits.
(6)A company has a non-trading deficit for an accounting period from its loan relationships if the non-trading debits for the period exceed the non-trading credits for the period or there are no such credits.
(7)The non-trading deficit is equal to those debits, less any such credits.