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Finance Act 2009

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Changes over time for: Section 42

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Point in time view as at 19/07/2011.

Changes to legislation:

Finance Act 2009, Section 42 is up to date with all changes known to be in force on or before 07 March 2025. 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. Help about Changes to Legislation

42Release of trade etc debtsU.K.

This section has no associated Explanatory Notes

(1)CTA 2009 is amended as follows.

(2)In section 353 (introduction to Chapter 6 of Part 5)—

(a)omit subsection (3), and

(b)in subsection (6), after “loss”” insert “ and release debit ”.

(3)In section 476(1) (definitions for purposes of Parts 5 and 6), after the definition of “profit sharing arrangements” insert—

release debit”, in relation to a company, means a debit in respect of a release by the company of a liability under a creditor relationship of the company,.

(4)Section 479 (relevant non-lending relationships not involving discounts) is amended as follows.

(5)In subsection (2)—

(a)omit the “and” at the end of paragraph (b),

(b)in paragraph (c), after “loss)” insert “ or release debit ”, and

(c)insert at the end , and

(d)a debt in relation to which a relevant deduction has been allowed to the company and which is released.

(6)In subsection (3), for “(2)” substitute “ (2)(c) ”.

(7)After that subsection insert—

(3A)In subsection (2)(d) “relevant deduction” means a deduction allowed in calculating the profits of a trade, UK property business or overseas property business.

(8)Section 481 (application of Part 5 to relevant non-lending relationships) is amended as follows

(9)In subsection (3)—

(a)in paragraph (d), after “loss” insert “ or release debit ” and for “impairment, and” substitute “ impairment or release, ”, and

(b)insert at the end and

(f)in the case of a debt in relation to which a relevant deduction has been allowed to the company and which is released, the release.

(10)In subsection (4), for “(3)” substitute “ (3)(d) and (e) ”.

(11)After that subsection insert—

(4A)In subsection (3)(f) “relevant deduction” has the meaning given in section 479(3A).

(12)The amendments made by this section are treated as having come into force on 22 April 2009.

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