- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)Section 449 does not apply if the circumstances are such that, had the parties to the relevant transaction been dealing at arm’s length, the amount of the loan would have been an amount (“the arm’s length amount”) greater than nil, but less than its actual amount.
(2)Accordingly, an exchange gain or loss which arises in the accounting period in respect of an asset representing the creditor relationship is not required by that section to be left out of account.
(3)But if—
(a)the circumstances are as mentioned in subsection (1), and
(b)there is no corresponding debtor relationship,
only a proportion of the exchange gain or loss may be taken into account in determining the credits or debits to be brought into account for the purposes of this Part.
(4)That proportion is the proportion which the arm’s length amount bears to the actual amount of the loan.
(5)In this section—
“corresponding debtor relationship” has the same meaning as in section 449 (see section 450), and
“the relevant transaction” means the transaction giving rise to the loan as a result of which the company has the creditor relationship in the accounting period in question.
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