11(1)This paragraph applies in any case where—U.K.
(a)there is a preparatory transfer to a successor company;
(b)the BBC disposes of any securities of the successor company for a consideration in money or money’s worth; and
(c)those securities are securities issued to or for the BBC in consideration for the preparatory transfer.
(2)Where this paragraph applies, any debits or credits which, by reason of the disposal mentioned in sub-paragraph (1)(b), would, apart from this sub-paragraph, be given by [F1Part 5 of the Corporation Tax Act 2009] in respect of a loan relationship for an accounting period of the BBC shall not be brought into account for the purposes of that Chapter as respects the BBC.
Textual Amendments
F1Words in Sch. 7 para. 11(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 446(2) (with Sch. 2 Pts. 1, 2)