SCHEDULE 9 Loan relationships: special computational provisions
F1Amounts imputed under Schedule 28AA to the Taxes Act 1988
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(1)
This paragraph applies where, in pursuance of Schedule 28AA to the Taxes Act 1988 (provision not at arm’s length), an amount falls to be treated as any of the following—
(a)
an amount of profits, gains or losses (whether or not of a capital nature) arising to a company from any of its loan relationships or related transactions;
(b)
interest payable under any of a company’s loan relationships;
(c)
charges or expenses incurred by a company under or for the purposes of any of its loan relationships or related transactions.
(2)
That Schedule shall have effectF2... so as to require credits or debits relating to the amount so treated to be brought into account for the purposes of this Chapter to the same extent as they would be in the case of an actual amount of—
(a)
profits, gains or losses (whether or not of a capital nature) arising to the company from the loan relationship or related transaction,
(b)
interest accruing or becoming due and payable under the loan relationship, or
(c)
charges or expenses incurred under or for the purposes of the loan relationship or related transaction,
as the case may be.