C1C2C3C4C5C6C7C9C8C10C11Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C1

Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)

C2

Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)

C3

Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)

C5

Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

C7

Pt. 5 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 11(3)-(6)

C9

Pt. 5 modified by 2010 c. 4, s. 356NC(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C8

Pt. 5 modified by 2010 c. 4, s. 356NB(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C10

Pt. 5 modified by 2007 c. 3, s. 809FZZ(9) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))

C11

Pt. 5 modified by 2010 c. 4, s. 676AG(1) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)

Chapter 3The credits and debits to be brought into account: general

Introduction

306Overview of Chapter

1

This Chapter contains rules of general application about the credits and debits to be brought into account for the purposes of this Part.

2

In particular, it—

F1za

makes provision about the matters in respect of which amounts are to be brought into account (see section 306A),

a

provides for the application of generally accepted accounting practice in determining the amounts to be brought into account as credits and debits and makes provision where accounts do not comply with that practice (see sections 307 to 312),

b

makes provision about bases of accounting (see sections 313 and 314),

c

provides for adjustments on changes of accounting F2basis (see sections 315 to 319),

d

sets out some general rules that differ from generally accepted accounting practice (see sections 320 to 327),

e

provides for exchange gains and losses to be included in the profits and losses of a company from loan relationships (see section 328),

f

makes provision about debits for pre-loan relationship, abortive or pre-trading expenses (see sections 329 and 330),

F3g

makes provision about cases where amounts are recognised even though companies are not, or have ceased to be, parties to loan relationships (see section 330A), and

h

provides for deemed assignments where a company's residence or operations move abroad (see sections 333 and 334).

3

For further rules about the credits and debits to be brought into account in particular situations and cases, see—

a

Chapter 4 (continuity of treatment on transfers within groups or on reorganisations),

b

Chapter 5 (connected companies relationships: introduction and general),

c

Chapter 6 (connected companies relationships: impairment losses and releases of debts),

d

Chapter 7 (group relief claims involving impaired or released consortium debts),

e

Chapter 8 (connected parties relationships: late interest),

f

Chapter 9 (partnerships involving companies),

g

Chapter 10 (insurance companies),

h

Chapter 11 (other special kinds of company),

i

Chapter 12 (special rules for particular kinds of securities),

j

Chapter 13 (European cross-border transfers of business),

k

Chapter 14 (European cross-border mergers), and

l

Chapter 15 (tax avoidance).