SCHEDULES
C1SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc
PART 2Supplementary & Consequential amendments
CTA 2009
I117
1
Section 334 (non-UK resident company ceasing to hold loan relationship for UK permanent establishment) is amended as follows.
2
In the heading, for “UK permanent establishment” substitute “
section 333(2) purposes
”
.
3
In subsection (1) for the words from “the purposes” to “United Kingdom” substitute “
section 333(2) purposes
”
.
4
In subsection (3)(b) for “the purposes of the permanent establishment” substitute “
section 333(2) purposes
”
.
5
After subsection (4) insert—
5
An asset or liability ceases to be held or owed for section 333(2) purposes if and in so far as—
a
it ceases to be held or owed for any purposes mentioned in section 333(2), and
b
on doing so, it does not begin or continue to be held or owed for any of the other purposes so mentioned.
Sch. 5 modified (22.7.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 10