Version Superseded: 18/11/2015
Point in time view as at 01/07/2011. This version of this provision has been superseded.
There are currently no known outstanding effects for the Corporation Tax Act 2009, Section 422.
(1)This section applies if in the course of the transfer of business the transferor transfers an asset or liability representing a loan relationship to a transferee.
(2)For the purpose of determining the credits and debits to be brought into account in respect of the loan relationship for the purposes of this Part, the transferor and the transferee are treated as having entered into the transfer of that asset or liability for consideration of an amount equal to the notional carrying value of the asset or liability.
(3)For the purposes of this section—
(a)“carrying value” has the same meaning as it has for the purposes of section 316 (see section 317), and
(b)“notional carrying value”, in relation to an asset or liability, means the amount which would have been its carrying value in the accounts of the transferor if a period of account had ended immediately before the date when the transferor ceased to be a party to the loan relationship.
(4)This section is subject to section 423 (transferor using fair value accounting).
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