F1Part 10F1Corporate interest restriction

F1CHAPTER 9Cases involving particular types of company or business

Exemption for tax-interest expense or income amounts

458Co-operative and community benefit societies etc

(1)

This section applies where—

(a)

apart from this section, an amount would be a tax-interest expense amount or tax-interest income amount of a company as a result of meeting condition A in section 382 or 385 (loan relationships), and

(b)

the amount meets that condition only because of section 499 of CTA 2009 (certain sums payable by co-operative and community benefit societies or UK agricultural or fishing co-operatives treated as interest under loan relationship).

(2)

The amount is treated as not being a tax-interest expense amount or tax-interest income amount of the company.