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Version Superseded: 16/11/2017
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(1)This section applies if, apart from this section, an amount (“the relevant amount”) is a financing expense amount of a company because of meeting condition A, B or C in section 313.
(2)The relevant amount is treated as not being a financing expense amount of the company if the creditor is—
(a)a designated educational establishment,
(b)a health service body,
(c)a local authority, F1...
[F2(ca)a relevant public body, or]
(d)a person that is prescribed, or is of a description of persons prescribed, in an order made by the Commissioners for the purposes of this section.
(3)The Commissioners may not prescribe a person, or a description of persons, for the purposes of this section unless they are satisfied that the person, or each of the persons within the description, has functions some or all of which are of a public nature.
(4)In this section—
“creditor” means—
if the relevant amount is a debit that meets condition A in section 313, the loan creditor who receives the payment in relation to which the relevant amount arises, and
if the relevant amount meets condition B or C in section 313, the recipient of the payment in relation to which the relevant amount arises,
“designated educational establishment” has the same meaning as in section 105 of CTA 2009, F3...
“health service body” has the same meaning as in section 985 of CTA 2010 [F4, and
“ relevant public body ” means a body that—
is not within subsection (2)(a) to (c) and is not a government department,
acts under any enactment for public purposes and not for its own profit, and
is not within the charge to corporation tax.]
[F5(5) In this section “ enactment ” includes—
(a)an enactment contained in subordinate legislation (within the meaning of the Interpretation Act 1978), and
(b)an enactment contained in, or in an instrument made under—
(i)an Act of the Scottish Parliament,
(ii)Northern Ireland legislation, or
(iii)a Measure or Act of the National Assembly for Wales.]
Textual Amendments
F1Word in s. 327(2)(c) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 24(2), 36(1)
F2S. 327(2)(ca) inserted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 24(2), 36(1)
F3Word in s. 327(4) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 24(3), 36(1)
F4Words in s. 327(4) inserted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 24(3), 36(1)
F5S. 327(5) inserted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 24(4), 36(1)
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