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(1)This section applies if arrangements to which section 508 (provision not at arm's length: exclusion of arrangements from sections 503 to 507) applies would, but for that section, be alternative finance arrangements.
(2)A company paying relevant return under the arrangements is not entitled toβ
(a)any deduction in calculating profits or gains for corporation tax purposes, or
(b)any deduction against total profits,
in respect of the relevant return.
(3)In this section βrelevant returnβ has the same meaning as in section 508 (see subsection (3) of that section).