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Corporation Tax Act 2009
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- 2009 c. 4
- Part 5
- Chapter 6
- Exclusion of credits for...
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Changes over time for: Cross Heading: Exclusion of credits for connected companies debts on release or reversal of impairments
Version Superseded: 08/04/2010
Alternative versions:
- 01/04/2009- Amendment
- 01/04/2009
Point in time - 08/04/2010- Amendment
- 17/07/2013- Amendment
- 18/11/2015- Amendment
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Point in time view as at 01/04/2009.
Changes to legislation:
Corporation Tax Act 2009, Cross Heading: Exclusion of credits for connected companies debts on release or reversal of impairments is up to date with all changes known to be in force on or before 18 November 2024. 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.
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Exclusion of credits for connected companies debts on release or reversal of impairmentsU.K.
358Exclusion of credits on release of connected companies debts: generalU.K.
(1)This section applies if—
(a)a liability to pay an amount under a company's debtor relationship is released,
(b)the release takes place in an accounting period for which—
(i)an amortised cost basis of accounting is used in respect of the relationship, and
(ii)the relationship is a connected companies relationship.
(2)The company is only required to bring a credit into account in respect of the release for the purposes of this Part if it is a deemed release.
(3)In subsection (2) “deemed release” means a release which is deemed to occur because of—
(a)section 361 (acquisition of creditor rights by connected company at undervalue), or
(b)section 362 (parties becoming connected where creditor's rights subject to impairment adjustment).
359Exclusion of credits on release of connected companies debts during creditor's insolvencyU.K.
(1)This section applies if—
(a)a liability to pay an amount under a company's debtor relationship is released,
(b)the release takes place in an accounting period for which an amortised cost basis of accounting is used in respect of that relationship,
(c)condition A, B, C, D or E in section 357 is met in relation to the company releasing the amount,
(d)immediately before the time when the condition in question was first met the relationship was a connected companies relationship, and
(e)immediately after that time it was not such a relationship.
(2)The company is not required to bring into account a credit in respect of the release for the purposes of this Part.
360Exclusion of credits on reversal of impairments of connected companies debtsU.K.
(1)If an impairment loss is prevented from being brought into account by section 354, no credit in respect of any reversal of the impairment may be brought into account for the purposes of this Part.
(2)Nothing in this section affects the credits to be brought into account for the purposes of this Part in respect of exchange gains or losses arising from a debt.
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