C11C2C12C9C5C7C1C6C3C4C8Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C11

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)

C12

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)

C5

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)

C6

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)

C3

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)

C4

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))

C8

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)

C10C2Chapter 8Connected parties relationships: late interest

Annotations:
Modifications etc. (not altering text)
C10

Pt. 5 Chs. 6-8 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)

376Interpretation of section 375

1

For the purposes of section 375 and this section, F5Chapter 2 of Part 10 of CTA 2010 (meaning of “close company”) applies with the omission of section 442(a) (exclusion of non-resident companies).

2

A person who is a participator in a company which controls another company is treated for the purposes of section 375 and this section as being a participator in that other company also.

3

Subject to that, in section 375 and this section “participator”, in relation to a company, means a person who is a participator in the company F7within the meaning given by section 454 of CTA 2010, but not a person who is F1such a participator just because of being a loan creditor of the company.

4

Section 472 (meaning of “control”) applies for the purposes of section 375 and this section.

5

In section 375—

  • “CIS-based close company” means a company which would not be a close company apart from the rights and powers of one or more partners in a CIS limited partnership being attributed to another of the partners under F4section 451(4) to (6) of CTA 2010 because of section 448(1)(a) of that Act,

  • “CIS limited partnership” means a limited partnership—

    1. a

      which is a collective investment scheme, or

    2. b

      which would be a collective investment scheme if it were not a body corporate,

  • “non-qualifying territory” has the meaning given by F6section 173 of TIOPA 2010,

  • F2 “resident for tax purposes” means liable, under the law of the non-qualifying territory, to tax there by reason of domicile, residence or place of management, and

  • “small or medium-sized enterprise” has the meaning given by F8section 172 of TIOPA 2010.

F36

For the purposes of section 375, a non-qualifying territory is “non-taxing” if companies are not under its law liable to tax by reason of domicile, residence or place of management.