Modifications etc. (not altering text)
C1Pt. 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)
C2Pt. 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)
(1)This section applies if—
(a)a company has a debtor relationship in an accounting period,
(b)an exchange gain or loss arises in the period in respect of a liability representing the relationship, and
(c)the whole of any interest or other distribution out of the assets of the company in respect of securities of the company which represent the relationship is regarded as a distribution because of [F1section 1015(6) of CTA 2010] (equity notes held by company associated with issuer or by a funded company).
(2)The exchange gain or loss must be left out of account in determining the credits or debits to be brought into account for the purposes of this Part.
Textual Amendments
F1Words in s. 448(1)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 617 (with Sch. 2)