Corporation Tax Act 2009

335 Introduction to Chapter U.K.

(1) This Chapter applies in the cases mentioned in—

(a) section 336 (transfers of loans on group transactions),

(b) section 337 (transfers of loans on insurance business transfers), and

(c) section 339 (issues of new securities on certain cross-border reorganisations).

(2) The following sections make provision about how the credits and debits to be brought into account under this Part in those cases are determined—

(a) sections 340 and 341 (which apply in the cases mentioned in sections 336 and 337), and

(b) sections 342 and 343 (which apply in the case mentioned in section 339).

(3) Sections 344 to 346 provide for the treatment of a loan relationship in respect of which section 336 has applied where the company replacing another as a party to a loan relationship later leaves the group of companies of which they were members.

(4) Section 347 (disapplication of Chapter where transferor party to avoidance involving subsequent transfer by transferee) disapplies this Chapter in some circumstances in the cases mentioned in 336 and 337.

(5) For the meaning of references in this Chapter to a company replacing another as a party to a loan relationship, see section 338.

(6) In this Chapter references to a company being a member of a group of companies are to be read in accordance with section 170 of TCGA 1992 (interpretation of sections 171 to 181 of that Act: groups).