[371IH Exclusions from definition of “qualifying loan relationship”]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[371IH  Exclusions from definition of “qualifying loan relationship”]

[(1)     If the ultimate debtor in relation to a creditor relationship of the CFC is a non-UK resident company, the creditor relationship cannot be a qualifying loan relationship so long as some or all of the company's debits—

(a)     are being brought into account for the purposes of Chapter 4 of Part 2 of CTA 2009 (UK permanent establishments of non-UK resident companies) in determining the company's profits which are attributable to a UK permanent establishment, or

(b)     are being brought into account for the purposes of Part 3 of ITTOIA 2005 (property income) in determining the company's profits of a UK property business.

(2)     If the ultimate debtor in relation to a creditor relationship of the CFC is a UK resident company, the creditor relationship can be a qualifying loan relationship only so long as—

(a)     an election under section 18A of CTA 2009 (exemption for profits or losses of foreign permanent establishments) is in effect in relation to the company, and

(b)     all the company's debits are being brought into account for the purpose of determining exemption adjustments in relation to the company under that section.

(3)     If the ultimate

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