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Corporation Tax Act 2009
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366Effect where credit for release brought into account on amortised cost basis
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a company releases liability under a relevant consortium creditor relationship of the company (“the release amount”), and
(b)the debtor consortium company brings into account an amount in respect of the release for any accounting period in accordance with an amortised cost basis of accounting.
(2)An amount equal to the release amount is treated for the purposes of this Chapter as not being a debit brought into account for that period in relation to the relevant consortium creditor relationship.
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