Corporation Tax Act 2009 (c. 4)

Valid from 01/04/2009

Part 5 U.K. Loan Relationships

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

Rules differing from generally accepted accounting practice U.K.

326 Writing off government investments U.K.

(1) This section applies if a government investment in a company is written off by the release of a liability to pay any amount under a debtor relationship of the company.

(2) The company is not required to bring into account a credit for the purposes of this Part in respect of the release.

(3) Section 400(7) and (8) of ICTA (write-off of government investment) applies for interpreting the reference in subsection (1) to a government investment in a company being written off as it applies for the purposes of section 400(1) of that Act.