C12C2C13C11C6C8C1C7C4C5C9Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C12

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)

C13

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)

C6

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)

C1

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)

C7

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)

C4

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)

C5

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))

C9

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)

C3C10C2C14C15Chapter 4Continuity of treatment on transfers within groups or on reorganisations

Annotations:
Modifications etc. (not altering text)
C10

Pt. 5 Ch. 4 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)

C15

Pt. 5 Ch. 4 excluded by S.I. 2006/3296, reg. 19(2) (as substituted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Securitisation Companies (Amendment) Regulations 2018 (S.I. 2018/143), regs. 1(1), 10(3))

Application of this Chapter

C16336Transfers of loans on group transactions

1

The case referred to in section 335(1)(a) is where—

a

there is a transaction within subsection (2) or a series of transactions within subsection (3), and

b

as a result one of the companies involved (“the transferee”) directly or indirectly replaces the other (“the transferor”) as a party to a loan relationship.

2

A transaction is within this subsection if it is a related transaction between two companies which are—

a

members of the same group, and

b

within the charge to corporation tax in respect of that transaction.

3

A series of transactions is within this subsection if it is a series having the same effect as a related transaction between two companies each of which—

a

has been a member of the same group at any time in the course of that series, and

b

would be within the charge to corporation tax in respect of such a related transaction.

4

This Chapter does not apply as a result of this section in relation to—

a

a transfer of an asset, or

b

a transfer of rights under, or an interest in, an asset,

as a result of a transaction within subsection (2) or a series of transactions within subsection (3) if immediately before or after the transfer the asset F1is held for the purposes of a company's long-term business.

F24A

For the purposes of subsection (4)—

a

in the case of an overseas life insurance company, ignore transfers in relation to assets which are not UK assets (within the meaning of section 117 of FA 2012), and

b

section 122 of that Act applies as it applies for the purposes of Chapter 8 of Part 2 of that Act.

5

In this Chapter, in relation to a case within subsection (1), “the transferee” and “the transferor” have the same meaning as in that subsection.