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Corporation Tax Act 2009
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- s. 322(2A)(zb) inserted by 2016 c. 24 s. 73(5)
- s. 934(1A)(1B) inserted by 2023 c. 30 Sch. 2 para. 12(2)
- s. 962(3A) inserted by 2023 c. 30 Sch. 2 para. 12(5)(b)
- s. 962A(3A) inserted by 2023 c. 30 Sch. 2 para. 12(6)(b)
- s. 963(1A) inserted by 2023 c. 30 Sch. 2 para. 12(7)(a)
- s. 1058B(5)(ea) inserted by 2023 c. 20 Sch. para. 57
- s. 1094(2A)-(2C) inserted by 2012 c. 14 Sch. 3 para. 13(3)
- s. 1106(4A)-(4C) inserted by 2012 c. 14 Sch. 3 para. 14(3)
- s. 1138A applied by S.I. 2024/348 reg. 3
479Relevant non-lending relationships not involving discountsU.K.
This section has no associated Explanatory Notes
(1)A company has a relevant non-lending relationship if—
(a)the company stands, or has stood, in the position of a creditor or debtor in relation to a money debt,
(b)the money debt did not arise from a transaction for the lending of money (and so, because of section 302(1)(b), there is no loan relationship), and
(c)the money debt is one of the kinds mentioned in subsection (2).
(2)The kinds of debt are—
(a)a debt on which interest is payable to or by the company,
(b)a debt in relation to which exchange gains or losses arise to the company, F1...
(c)a debt in relation to which an impairment loss (or credit in respect of the reversal of an impairment loss) [F2or release debit ] arises to the company in respect of an unpaid (or previously unpaid) business payment[F3, and
(d)a debt in relation to which a relevant deduction has been allowed to the company and which is released.]
(3)In subsection [F4(2)(c)] “business payment” means a payment which, if it were paid, would fall to be brought into account for corporation tax purposes as a receipt of a trade, UK property business or overseas property business carried on by the company.
[F5(3A) In subsection (2)(d) “relevant deduction” means a deduction allowed in calculating the profits of a trade, UK property business or overseas property business. ]
(4)For the meaning of “money debt” and “interest” in this Chapter, see—
(a)section 483 (exchange gains and losses: amounts treated as money debts) and
(b)section 484 (provision not at arm's length: meaning of “interest” and “money debt”).
(5)For the meaning of “exchange gains or losses”, see section 475.
(6)This section is subject to section 485 (exclusion of debts where profits or losses within Part 7 or 8).
Textual Amendments
F1Word in s. 479(2)(b) omitted (22.4.2009 retrospective) by virtue of Finance Act 2009 (c. 10), s. 42(5)(a)(12)
F2Words in s. 479(2)(c) inserted (22.4.2009 retrospective) by Finance Act 2009 (c. 10), s. 42(5)(b)(12)
F3S. 479(2)(d) and word inserted (22.4.2009 retrospective) by Finance Act 2009 (c. 10), s. 42(5)(c)(12)
F4Word in s. 479(3) substituted (22.4.2009 retrospective) by Finance Act 2009 (c. 10), s. 42(6)(12)
F5S. 479(3A) inserted (22.4.2009 retrospective) by Finance Act 2009 (c. 10), s. 42(7)(12)
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