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Finance Act 2011
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Finance Act 2011, Paragraph 7 is up to date with all changes known to be in force on or before 23 December 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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Changes and effects yet to be applied to Schedule 5 Paragraph 7:
- Sch. 23 para. 45(1)(ia) inserted by 2017 c. 10 Sch. 11 para. 6(3)
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- Sch. 23 para. 45(1)(ia) inserted by 2017 c. 10 Sch. 11 para. 6(3)
7(1)Omit sections 418 to 419 of CTA 2009 (loan relationships treated differently by connected debtor and creditor).U.K.
(2)In consequence of the repeals made by sub-paragraph (1), omit—
(a)in section 748ZA of ICTA (as inserted by paragraph 5 of Schedule 12 to this Act), subsection (5)(a),
(b)in Schedule 30 to FA 2009, paragraph 4,
(c)in section 416 of CTA 2009, subsection (4),
(d)in Schedule 1 to CTA 2010, paragraph 615, and
(e)section 29 of this Act.
(3)The repeals made by this paragraph have effect in relation to loan relationships to which a company is a party (or to which it is treated as a party under section 418(6A) of CTA 2009) on or after the commencement date.
(4)But amounts are to continue to be brought into account for the purposes of Part 5 of CTA 2009 disregarding the repeals made by sub-paragraph (1) if the amounts relate to a time before the commencement date; and the repeals made by sub-paragraph (2) have effect accordingly.
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