{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-301",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-301.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/301",
  "kind": "section",
  "number": "301",
  "heading": "Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits",
  "text": "(1) Whether a company has non-trading profits or a non-trading deficit from its loan relationships for an accounting period is determined in accordance with subsections (4) to (7), using the non-trading credits and non-trading debits given by this Part for the accounting period.\n(1A) In the case of a non-UK resident company, subsections (4) to (7) need to be read with section 5(3), (3A)(b) and (3B)(b) (territorial scope of charge to corporation tax).\n(2) In this Part—\n(a) “non-trading credits” means credits for any accounting period in respect of a company's loan relationships that are not brought into account under section 297(2), and\n(b) “non-trading debits” means debits for any accounting period in respect of a company's loan relationships that are not brought into account under section 297(3).\n(3) But see also—\n(a) section 330 (debits in respect of pre-trading expenditure), and\n(b) section 482(1) (under which credits or debits to be brought into account under Chapter 2 of Part 6 (relevant non-lending relationships) are treated as non-trading credits or debits).\n(4) A company has non-trading profits for an accounting period from its loan relationships if the non-trading credits for the period exceed the non-trading debits for the period or there are no such debits.\n(5) The non-trading profits are equal to those credits, less any such debits.\n(6) A company has a non-trading deficit for an accounting period from its loan relationships if the non-trading debits for the period exceed the non-trading credits for the period or there are no such credits.\n(7) The non-trading deficit is equal to those debits, less any such credits.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 301(1) substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 15(2), 35 (with Sch. 5 para. 36)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 301(1A) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 15(3), 35 (with Sch. 5 para. 36); and substituted (6.4.2020) by Finance Act 2020 (c. 14), Sch. 6 paras. 1, 10"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/301",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}