54 Non-trading debits on loan relationships
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

54  Non-trading debits on loan relationships

(1)     Subsection (2) applies for the purposes of section 42 if the company has at least one non-trading credit for the period that is eligible for double taxation relief.

(2)     That much of the company's non-trading debits for the period as is given by the formula—

TNTD - (CB + CF + GR)

may be allocated by the company to such of its profits for the period, and in such amounts, as the company thinks fit, but this is subject to subsection (4).

(3)     Subsection (4) applies for the purposes of section 42 if—

(a)     the company has at least one non-trading credit for the period

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