- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)In CTA 2009, after section 321 insert—
(1)This section applies if—
(a)a loan gives rise to a charge to tax under section 455 of CTA 2010 (including a charge by virtue of section 459 or 460 of that Act), and
(b)the whole or a part of the debt in respect of the loan is released or written off.
(2)No debit is to be brought into account for the purposes of this Part in respect of the release or writing off.”
(2)The amendment made by subsection (1) has effect in relation to debts (or parts of debts) released or written off on or after 24 March 2010.
Schedule 15 contains provision about releases of debts in cases involving connected companies.
(1)In paragraph 4 of Schedule 13 to FA 2007 (ignoring effect on borrower of sale of securities), in sub-paragraph (4) omit the “and” at the end of paragraph (a) and after that paragraph insert—
“(aa)an amount representative of income payable in respect of the securities is not to be ignored as a result of sub-paragraph (3)(b) if it is, in accordance with generally accepted accounting practice, so recognised or taken into account, and”.
(2)In section 550 of CTA 2009 (ignoring effect on borrower of sale of securities)—
(a)in subsection (4), for “and (6)” substitute “to (6)”, and
(b)after subsection (5) insert—
“(5A)For the purposes of the charge to corporation tax, an amount representative of income payable in respect of the securities is not to be ignored as a result of subsection (3)(b) if—
(a)it is, in accordance with generally accepted accounting practice, recognised in determining the borrower’s profit or loss for that or any other period, or
(b)it is taken into account in calculating the amounts which are so recognised.”
(3)The amendments made by this section are treated as always having had effect.
Schedule 16 contains provision about risk transfer schemes.
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