http://www.legislation.gov.uk/ukpga/2009/4/section/550Corporation Tax Act 2009An Act to restate, with minor changes, certain enactments relating to corporation tax; and for connected purposes.texttext/xmlenStatute Law Database2024-11-01Expert Participation2024-10-30 Part 6Relationships treated as loan relationships <Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation>Chapter 10Repos<Emphasis>Debtor repos and debtor quasi-repos</Emphasis>Ignoring effect on borrower of sale of securities5501This section applies if a company (“the borrower”)—ahas a debtor repo or a debtor quasi-repo, orbhas a liability which is discharged under a relevant arrangement.2A relevant arrangement is one—ain relation to which conditions C and D in section 549 are met, andbthe main purpose or one of the main purposes of which is the obtaining of a tax advantage.3For the purposes of the charge to corporation tax in respect of income of the borrower arising while the arrangement is in force, the Corporation Tax Acts apply as if—athe borrower held the securities which are initially sold for any period for which the arrangement is in force, andbthe borrower did not receive in that period amounts representative of income payable in respect of the securities.4Subsection (3) is subject to subsections (5) to (5C) .5No amount is to be charged to corporation tax as a result of subsection (3)(a) unless—ait is, in accordance with generally accepted accounting practice, recognised in determining the borrower's profit or loss for that or any other period, orbit is taken into account in calculating the amounts which are so recognised.5AFor the purposes of the charge to corporation tax, an amount representative of income payable in respect of the securities is not to be ignored as a result of subsection (3)(b) if—ait is, in accordance with generally accepted accounting practice, recognised in determining the borrower's profit or loss for that or any other period, orbit is taken into account in calculating the amounts which are so recognised.5BNothing in subsection (3) entitles the borrower to double taxation relief in respect of any income payable in respect of overseas securities.5CBut nothing in subsection (3) affects the entitlement of the borrower to double taxation relief in respect of any overseas tax deducted from any amount representative of income payable in respect of overseas securities.5DIn subsection (5C) “overseas tax” means tax under the law of a territory outside the United Kingdom.6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7For the purposes of this section “double taxation relief” means any relief given under or as a result of Part 2 of TIOPA 2010.Words in s. 550(7) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 92 (with Sch. 9 paras. 1-9, 22)S. 550(5B)-(5D) inserted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 37(b), 52S. 550(5A) inserted (retrospectively) by Finance Act 2010 (c. 13), s. 45(2)(b)(3)S. 550(6) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 para. 37(c), 52Word in s. 550(4) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 37(a), 52
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Relationships treated as loan relationships
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<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2014-01-01">
<Title>Ignoring effect on borrower of sale of securities</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550" id="section-550">
<Pnumber PuncAfter="">550</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/1" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/1" id="section-550-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
This section applies if a company (“
<Term id="term-the-borrower">the borrower</Term>
”)—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/1/a" id="section-550-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>has a debtor repo or a debtor quasi-repo, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/1/b" id="section-550-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>has a liability which is discharged under a relevant arrangement.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/2" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/2" id="section-550-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>A relevant arrangement is one—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/2/a" id="section-550-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>in relation to which conditions C and D in section 549 are met, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/2/b" id="section-550-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the main purpose or one of the main purposes of which is the obtaining of a tax advantage.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/3" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/3" id="section-550-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For the purposes of the charge to corporation tax in respect of income of the borrower arising while the arrangement is in force, the Corporation Tax Acts apply as if—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/3/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/3/a" id="section-550-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the borrower held the securities which are initially sold for any period for which the arrangement is in force, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/3/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/3/b" id="section-550-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the borrower did not receive in that period amounts representative of income payable in respect of the securities.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/4" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/4" id="section-550-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
Subsection (3) is subject to subsections (5) to
<Substitution ChangeId="key-fff919add93609398dab731258af3065-1565281318095" CommentaryRef="key-fff919add93609398dab731258af3065">(5C)</Substitution>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5" id="section-550-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>No amount is to be charged to corporation tax as a result of subsection (3)(a) unless—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5/a" id="section-550-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>it is, in accordance with generally accepted accounting practice, recognised in determining the borrower's profit or loss for that or any other period, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5/b" id="section-550-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>it is taken into account in calculating the amounts which are so recognised.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5A" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5A" id="section-550-5A">
<Pnumber>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">5A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">For the purposes of the charge to corporation tax, an amount representative of income payable in respect of the securities is not to be ignored as a result of subsection (3)(b) if—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5A/a" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5A/a" id="section-550-5A-a">
<Pnumber>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">it is, in accordance with generally accepted accounting practice, recognised in determining the borrower's profit or loss for that or any other period, or</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5A/b" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5A/b" id="section-550-5A-b">
<Pnumber>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-52b7681683737690b5e65477b5268686-1449153448223" CommentaryRef="key-52b7681683737690b5e65477b5268686">it is taken into account in calculating the amounts which are so recognised.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5B" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5B" id="section-550-5B">
<Pnumber>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">5B</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">Nothing in subsection (3) entitles the borrower to double taxation relief in respect of any income payable in respect of overseas securities.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5C" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5C" id="section-550-5C">
<Pnumber>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">5C</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">But nothing in subsection (3) affects the entitlement of the borrower to double taxation relief in respect of any overseas tax deducted from any amount representative of income payable in respect of overseas securities.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/5D" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/5D" id="section-550-5D">
<Pnumber>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">5D</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">In subsection (5C) “</Addition>
<Term>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">overseas tax</Addition>
</Term>
<Addition ChangeId="key-383046a959b3470a9694c38d318dc2aa-1565280982391" CommentaryRef="key-383046a959b3470a9694c38d318dc2aa">” means tax under the law of a territory outside the United Kingdom.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/6" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/6" id="section-550-6">
<Pnumber>
<CommentaryRef Ref="key-f78e04a7e43d07a7b4f8bc9dab44594c"/>
6
</Pnumber>
<P2para>
<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/4/section/550/7" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/4/section/550/7" id="section-550-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>
For the purposes of this section “
<Term id="term-double-taxation-relief">double taxation relief</Term>
” means any relief given under or as a result of
<Substitution ChangeId="key-1dea30ff7189f104928e4b98c9ab153b-1490799168888" CommentaryRef="key-1dea30ff7189f104928e4b98c9ab153b">Part 2 of TIOPA 2010</Substitution>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Chapter>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-1dea30ff7189f104928e4b98c9ab153b" Type="F">
<Para>
<Text>
Words in s. 550(7) substituted (with effect in accordance with s. 381(1) of the amending Act) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2010/8" id="ciheijgi2-00007" Class="UnitedKingdomPublicGeneralAct" Year="2010" Number="8" Title="Taxation (International and Other Provisions) Act 2010">Taxation (International and Other Provisions) Act 2010 (c. 8)</Citation>
,
<CitationSubRef id="ciheijgi2-00008" CitationRef="ciheijgi2-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/section/381/1" SectionRef="section-381-1">s. 381(1)</CitationSubRef>
,
<CitationSubRef id="ciheijgi2-00009" CitationRef="ciheijgi2-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/8/paragraph/92" SectionRef="schedule-8-paragraph-92" Operative="true">Sch. 8 para. 92</CitationSubRef>
(with
<CitationSubRef id="ciheijgi2-00010" CitationRef="ciheijgi2-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/9/paragraph/1" UpTo="http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/9/paragraph/9" StartSectionRef="schedule-9-paragraph-1" EndSectionRef="schedule-9-paragraph-9">Sch. 9 paras. 1-9</CitationSubRef>
,
<CitationSubRef id="ciheijgi2-00011" CitationRef="ciheijgi2-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/9/paragraph/22" SectionRef="schedule-9-paragraph-22">22</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-383046a959b3470a9694c38d318dc2aa" Type="F">
<Para>
<Text>
S. 550(5B)-(5D) inserted (1.1.2014) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/29" id="cgp6wisu3-00007" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="29" Title="Finance Act 2013">Finance Act 2013 (c. 29)</Citation>
,
<CitationSubRef id="cgp6wisu3-00009" CitationRef="cgp6wisu3-00007" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/37/b" SectionRef="schedule-29-paragraph-37-b" Operative="true">Sch. 29 paras. 37(b)</CitationSubRef>
,
<CitationSubRef id="cgp6wisu3-00008" CitationRef="cgp6wisu3-00007" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/52" SectionRef="schedule-29-paragraph-52">52</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-52b7681683737690b5e65477b5268686" Type="F">
<Para>
<Text>
S. 550(5A) inserted (retrospectively) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2010/13" id="czclkjmb1-00007" Class="UnitedKingdomPublicGeneralAct" Year="2010" Number="13" Title="Finance Act 2010">Finance Act 2010 (c. 13)</Citation>
,
<CitationSubRef id="czclkjmb1-00008" CitationRef="czclkjmb1-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/13/section/45/2/b" SectionRef="section-45-2-b" Operative="true">s. 45(2)(b)</CitationSubRef>
<CitationSubRef id="czclkjmb1-00009" CitationRef="czclkjmb1-00007" URI="http://www.legislation.gov.uk/id/ukpga/2010/13/section/45/3" SectionRef="section-45-3">(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-f78e04a7e43d07a7b4f8bc9dab44594c" Type="F">
<Para>
<Text>
S. 550(6) omitted (1.1.2014) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/29" id="cgp6wisu3-00023" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="29" Title="Finance Act 2013">Finance Act 2013 (c. 29)</Citation>
,
<CitationSubRef id="cgp6wisu3-00025" CitationRef="cgp6wisu3-00023" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/37/c" SectionRef="schedule-29-paragraph-37-c" Operative="true">Sch. 29 para. 37(c)</CitationSubRef>
,
<CitationSubRef id="cgp6wisu3-00024" CitationRef="cgp6wisu3-00023" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/52" SectionRef="schedule-29-paragraph-52">52</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-fff919add93609398dab731258af3065" Type="F">
<Para>
<Text>
Word in s. 550(4) substituted (1.1.2014) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/29" id="cgp6wisu3-00016" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="29" Title="Finance Act 2013">Finance Act 2013 (c. 29)</Citation>
,
<CitationSubRef id="cgp6wisu3-00018" CitationRef="cgp6wisu3-00016" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/37/a" SectionRef="schedule-29-paragraph-37-a" Operative="true">Sch. 29 paras. 37(a)</CitationSubRef>
,
<CitationSubRef id="cgp6wisu3-00017" CitationRef="cgp6wisu3-00016" URI="http://www.legislation.gov.uk/id/ukpga/2013/29/schedule/29/paragraph/52" SectionRef="schedule-29-paragraph-52">52</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>