Textual Amendments
F1Pt. 9A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 1 (with ss. 56-58)
(1)In this Part “non-trading finance profits”, in relation to a CFC, means any amounts—
(a)which are included in the CFC's assumed total profits for the accounting period in question on the basis that they would be chargeable to corporation tax under—
(i)section 299 of CTA 2009 (charge to tax on non-trading profits from loan relationships), or
(ii)Part 9A of that Act (company distributions), or
[F2(b)which are included in the CFC's assumed total profits for the accounting period in question and which—
(i)arise from a relevant finance lease, but
(ii)are not trading profits.]
(2)Subsection (1) is subject to subsection (3) and sections 371CB(2) and (8), 371CE(2) and 371IA(9).
(3)Any credits or debits which are to be brought into account in determining the CFC's property business profits for the accounting period in question in accordance with section 371VI(2) are not to be brought into account in determining the CFC's non-trading finance profits.
(4)In this Part “trading finance profits”, in relation to a CFC, means any amounts included in the CFC's assumed total profits for the accounting period in question—
(a)which are trading profits by virtue of section 297, 573 or 931W of CTA 2009, or
(b)which are trading profits arising from F3... a relevant finance lease.
(5)Subsection (4) is subject to section 371CE(2).]
Textual Amendments
F2S. 371VG(1)(b) substituted (retrospective to 1.1.2013) by Finance Act 2013 (c. 29), Sch. 47 paras. 7(2), 21
F3Words in s. 371VG(4)(b) omitted (retrospective to 1.1.2013) by virtue of Finance Act 2013 (c. 29), Sch. 47 paras. 7(3), 21