Part 1 Loan Relationships: Amendments of Parts 5 and 6 of CTA 2009
Finance (No 2) Act 2015 (2015 c 33) | Legislation

SCHEDULE 7 Loan Relationships and Derivative Contracts

Section 32

Part 1 Loan Relationships: Amendments of Parts 5 and 6 of CTA 2009

1

Part 5 of CTA 2009 (loan relationships) is amended as follows.

2

In section 306 (overview of Chapter 3 of Part 5), in subsection (2)—

(a)     before paragraph (a) insert—

“(za)     makes provision about the matters in respect of which amounts are to be brought into account (see section 306A),â€,

(b)     in paragraph (c), for “policy†substitute “basisâ€, and

(c)     for paragraph (g) substitute—

“(g)     makes provision about cases where amounts are recognised even though companies are not, or have ceased to be, parties to loan relationships (see section 330A), andâ€.

3

After section 306 insert—

“Matters in respect of which amounts are to be brought into account
306A Matters in respect of which amounts to be brought into account

(1)     The matters in respect of which amounts are to be brought into account for the purposes of this Part in respect of a company's loan relationships are—

(a)     profits and losses of the company that arise to it from its loan relationships and related transactions (excluding interest or expenses),

(b)     interest

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