- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (21/07/2009)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
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Corporation Tax Act 2009, Section 377 is up to date with all changes known to be in force on or before 11 September 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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[F1(1)]The case to which this section applies is where—
(a)a person (“C”) standing in the position of a creditor as respects the loan relationship is a company, F2...
(b)there is a time in the actual accrual period when—
(i)the company which has the debtor relationship (“D”) has a major interest in C, or
(ii)C has a major interest in D [F3and
(c)the condition in subsection (2) is met.]
[F4(2)The condition is that C is—
(a)resident for tax purposes in a non-qualifying territory at any time in the actual accrual period, or
(b)effectively managed in a non-taxing non-qualifying territory at any such time.
(3)For the purposes of this section—
(a) “ non-qualifying territory ” has the meaning given by paragraph 5E of Schedule 28AA to ICTA ,
(b)a non-qualifying territory is “non-taxing” if companies are not under its law liable to tax by reason of domicile, residence or place of management, and
(c) “ resident for tax purposes ” means liable, under the law of the non-qualifying territory, to tax there by reason of domicile, residence or place of management. ]
Textual Amendments
F1S. 377(1): s. 377 renumbered as s. 377(1) (with effect in accordance with Sch. 20 para. 9 of the amending Act) by Finance Act 2009 (c. 10), Sch. 20 para. 5(2)
F2Word in s. 377(1)(a) omitted (with effect in accordance with Sch. 20 para. 9 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 20 para. 5(3)
F3S. 377(1)(c) and word inserted (with effect in accordance with Sch. 20 para. 9 of the amending Act) by Finance Act 2009 (c. 10), Sch. 20 para. 5(3)
F4S. 377(2) inserted (with effect in accordance with Sch. 20 para. 9 of the amending Act) by Finance Act 2009 (c. 10), Sch. 20 para. 5(4)
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