410 Exceptions to section 409
Corporation Tax Act 2009 (2009 c 4) | Legislation

410  Exceptions to section 409

(1)     Section 409 does not apply for any accounting period (“the relevant period”) if any of the following conditions are met—

(a)     the corresponding creditor relationship conditions (see subsection (2)),

(b)     the CIS-based close company conditions (see subsection (3)), or

(c)     the CIS limited partnership conditions (see subsection (4)).

(2)     The corresponding creditor relationship conditions are that—

(a)     at all times in the relevant period when there is a person within section 409(1)(b), that person is a company, and

(b)     credits representing the full amount of the discount that is referable to the period are brought into account for the purposes of this Part for any accounting period in respect of the corresponding creditor relationship (see section 412(3)).

(3)

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