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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 334 is up to date with all changes known to be in force on or before 22 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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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Blanket amendment words substituted by S.I. 2011/1043 art. 3 4
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- 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)
334Non-UK resident company ceasing to hold loan relationship for [F1section 333(2) purposes]U.K.
This section has no associated Explanatory Notes
(1)This section applies if an asset or liability representing a loan relationship of a company which is not UK resident ceases to be held or owed for [F2section 333(2) purposes] in circumstances not involving a related transaction (but see subsection (3)).
(2)This Part applies as if—
(a)immediately before the asset or liability so ceases the company had assigned it, so far as so ceasing, for consideration of an amount equal to its fair value at that time, and
(b)the company had immediately reacquired it for consideration of the same amount.
(3)This section does not apply if—
(a)the conditions in section 344(1)(a) to (c) are met in relation to the company (transferee leaving group after replacing transferor as party to loan relationship), and
(b)the asset or liability mentioned in subsection (1) ceases to be held or owed for [F3section 333(2) purposes] at the same time as the company ceases to be a member of the relevant group.
(4)In subsection (3) “the relevant group” has the meaning given in section 344(4).
[F4(5)An asset or liability ceases to be held or owed for section 333(2) purposes if and in so far as—
(a)it ceases to be held or owed for any purposes mentioned in section 333(2), and
(b)on doing so, it does not begin or continue to be held or owed for any of the other purposes so mentioned.]
Textual Amendments
F1Words in s. 334 heading substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 17(2), 35 (with Sch. 5 para. 36)
F2Words in s. 334(1) substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 17(3), 35 (with Sch. 5 para. 36)
F3Words in s. 334(3)(b) substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 17(4), 35 (with Sch. 5 para. 36)
F4S. 334(5) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 17(5), 35 (with Sch. 5 para. 36)
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