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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 330ZA is up to date with all changes known to be in force on or before 14 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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- Blanket amendment words substituted by S.I. 2011/1043 art. 3 4
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- s. 322(2A)(zb) inserted by 2016 c. 24 s. 73(5)
- s. 1058B(5)(ea) inserted by 2023 c. 20 Sch. para. 57
- s. 1094(2A)-(2C) inserted by 2012 c. 14 Sch. 3 para. 13(3)
- s. 1106(4A)-(4C) inserted by 2012 c. 14 Sch. 3 para. 14(3)
[F1330ZADebits referable to times before UK property business etc carried onU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a non-UK resident company has debits in respect of a loan relationship to which it is a party for the purposes of its UK property business,
(b)the debits are referable to times (“the pre-rental times”) before (but not more than 7 years before) the date on which it starts to carry on the business, and
(c)the debits are not otherwise brought into account for tax purposes.
(2)If, on the assumption that the company had been carrying on the business at the pre-rental times, the debits—
(a)would have been recognised in determining its profit or loss for a period consisting of or including those times, and
(b)would have been brought into account for the purposes of this Part,
the debits are (so far as they exceed relevant credits) treated for the purposes of this Part as if they were debits for the accounting period in which it started to carry on the business.
(3)For this purpose “relevant credits” means credits of the company in respect of the loan relationship which, on the assumption that the company had been carrying on the business at the pre-rental times—
(a)would have been recognised in determining its profit or loss for a period consisting of or including those times,
(b)would have been brought into account for the purposes of this Part, and
(c)would not otherwise have been brought into account for tax purposes.
(4)This section is subject to section 327 (disallowance of imported losses etc).
(5)This section also applies in relation to a non-UK resident company which is a party to a loan relationship for the purpose of enabling it to generate other UK property income (within the meaning given by section 5(6)).]
Textual Amendments
F1S. 330ZA and cross-heading inserted (6.4.2020) by Finance Act 2020 (c. 14), Sch. 6 paras. 3, 10
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