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Corporation Tax Act 2009
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- UK Public General Acts
- 2009 c. 4
- SCHEDULE 2
- Part 8
- Bringing into account losses...
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Changes over time for: Cross Heading: Bringing into account losses on overseas sovereign debt etc
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Corporation Tax Act 2009, Cross Heading: Bringing into account losses on overseas sovereign debt etc is up to date with all changes known to be in force on or before 17 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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Bringing into account losses on overseas sovereign debt etcU.K.
63(1)This paragraph applies if at the end of the last period of account of a company before paragraph 17(1)(b) of Schedule 4 to FA 2005 (which repealed paragraph 9 of Schedule 9 to FA 1996) had effect—U.K.
(a)the company had ceased to be a party to a loan relationship, and
(b)the effect of paragraph 9 of Schedule 9 to FA 1996 (restrictions on bringing into account losses on overseas sovereign debt) (or a corresponding earlier enactment) was that part of the loss arising had not been brought into account for tax purposes.
(2)Despite the repeal by this Act of paragraph 17(3) of Schedule 4 to FA 2005, any debit that, as a result of that paragraph, immediately before its repeal could have been brought into account for the purposes of Chapter 2 of Part 4 of FA 1996 (loan relationships) under paragraph 9(4) or (5) of Schedule 9 to FA 1996 in a subsequent period of account of the company may be brought into account in such a period for the purposes of Part 5 (loan relationships).
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