[259CC Interpretation of section 259CB]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[259CC  Interpretation of section 259CB]

[(1)     This section has effect for the purposes of section 259CB.

(2)     A taxable period of a payee is “permitted” in relation to an amount of ordinary income that arises as a result of the payment or quasi-payment if—

(a)     the period begins before the end of 12 months after the end of the payment period, or

[(b)     the period begins at a later time and it is just and reasonable for the amount of ordinary income to arise for the period (rather than an earlier one)].

(3)     Each of these is a “relevant debt relief provision”—

(a)     section 322 of CTA 2009 (release of debts: cases where credits not required to be brought into account),

(b)     section 357 of that Act (insolvent creditors),

(c)     section 358 of that Act (exclusion of credits on release of connected companies' debts: general),

(d)     section 359 of that Act (exclusion of credits on release of connected companies' debts during creditor's insolvency),

(e)     section 361C of that Act (the equity-for-debt exception),

(f)     section 361D of that Act

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