SCHEDULES

SCHEDULE 9 U.K. Loan relationships: special computational provisions

Modifications etc. (not altering text)

C1 Sch. 9 modified (19.7.2006) by Finance Act 2006 (c. 25), s. 136(2)(d)

[F1 [F2 Impairment losses:] cessation of connection U.K.

Textual Amendments

F1 Sch. 9 para. 6C and cross-heading inserted (24.7.2002 with effect as mentioned in s. 82(2) of the amending Act) by Finance Act 2002 (c. 23), s. 82(1), Sch. 25 Pt. 1 para. 27

F2 Words in Sch. 9 para. 6C heading substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 25(2)

6C (1) Where, in the case of a creditor relationship of a company,— U.K.

[F3 (a) an impairment loss is excluded by paragraph 6(3) in any accounting period, and]

(b) there is a subsequent accounting period for which there is, within the meaning of section 87 of this Act, no connection between the company and any person standing in the position of a debtor as respects the debt,

[F4 sub-paragraph (3) applies].

F5 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Where this sub-paragraph applies, no debit shall be brought into account in respect of an amount—

(a) for the first accounting period falling within sub-paragraph (1)(b) above, or

(b) for any subsequent such accounting period,

to the extent that the amount in question represents the amount mentioned in sub-paragraph (1)(a) above.]

Textual Amendments

F3 Sch. 9 para. 6C(1)(a) substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 25(3)

F4 Words in Sch. 9 para. 6C(1) substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 15(a)

F5 Sch. 9 para. 6C(2) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 15(b), Sch. 11 Pt. 2(5)