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Version Superseded: 24/07/2002
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11(1)Subject to sub-paragraphs (2) and (3) below, where—
(a)debits or credits in respect of a loan relationship of a company fall to be brought into account for the purposes of this Chapter in accordance with an authorised accounting method,
(b)those debits or credits relate to amounts arising from, or incurred for the purposes of, a related transaction, and
(c)that transaction is not a transaction at arm’s length,
the debits or credits given by that method shall be determined on the assumption that the transaction was entered into on the terms on which it would have been entered into between independent persons.
(2)Sub-paragraph (1) above shall not apply to debits arising from the acquisition of rights under a loan relationship where those rights are acquired for less than market value.
(3)Sub-paragraph (1) above does not apply—
[F1(a)in the case of any related transaction between two companies that are—
(i)members of the same group, and
(ii)within the charge to corporation tax in respect of that transaction; or
(b)in relation to a member of a group of companies, in the case of any transaction which is part of a series of transactions having the same effect as a transaction falling within paragraph (a) above.]
(4)In this paragraph “ ” has the same meaning as in section 84 of this Act.
[F2(5)In this paragraph references to a company which is a member of a group of companies shall be construed in accordance with section 170 of the Taxation of Chargeable Gains Act 1992.]
Textual Amendments
F1Sch. 9 para. 11(3)(a)(b) substituted (28.7.2000 with effect in relation to transactions entered into, or series of transactions begun, on or after 1.4.2000) by 2000 c. 17, s. 102, Sch. 29 Pt. II para. 44(2)(5)
F2Sch. 9 para. 11(5) substituted (28.7.2000 with effect in relation to transactions entered into, or series of transactions begun, on or after 1.4.2000) by 2000 c. 17. s. 102, Sch. 29 Pt. II para. 44(3)
Modifications etc. (not altering text)
C1Sch. 9 para. 11 excluded (15.1.2001) by 2000 c. 38, s. 250, Sch. 26 para. 35(1); S.I. 2000/3376, art. 2
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