SCHEDULES

SCHEDULE 5U.K.Non-UK resident companies carrying on UK property businesses etc

PART 2 U.K.Supplementary & Consequential amendments

CTA 2009U.K.

15(1)Section 301 (calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits) is amended as follows.U.K.

(2)In subsection (1) for “as follows” substitute “ in accordance with subsections (4) to (7) ”.

(3)After subsection (1) insert—

“(1A)But in the case of a non-UK resident company the only non-trading credits and non-trading debits to be used are those in respect of loan relationships that the company is a party to for a purpose mentioned in section 5(3A)(b) or (3B)(b).”