541Debits for deemed interest under stock lending arrangements disallowedU.K.
(1)This section applies if a company is the borrower under a stock lending arrangement for the purposes of [F1section 812 of CTA 2010] (which treats such a borrower as having made a payment representative of interest for the purposes of this Chapter).
(2)In accordance with [F2subsection (3) of that section] (which prevents deductions or group relief for the borrower in stock lending cases), the company may not bring debits into account for the purposes of Part 5 [F3of this Act] in respect of the representative payment which is treated as having been made under [F4subsection (2) of that section].
Textual Amendments
F1Words in s. 541(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 637(2) (with Sch. 2)
F2Words in s. 541(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 637(3)(a) (with Sch. 2)
F3Words in s. 541(2) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 637(3)(b) (with Sch. 2)
F4Words in s. 541(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 637(3)(c) (with Sch. 2)