{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-359",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-359.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/359",
  "kind": "section",
  "number": "359",
  "heading": "Exclusion of credits on release of connected companies debts during creditor's insolvency",
  "text": "(1) This section applies if—\n(a) a liability to pay an amount under a company's debtor relationship is released,\n(b) the release takes place in an accounting period for which an amortised cost basis of accounting is used in respect of that relationship,\n(c) condition A, B, C, D or E in section 357 is met in relation to the company releasing the amount,\n(d) immediately before the time when any of those conditions was first met the relationship was a connected companies relationship, and\n(e) immediately after that time it was not such a relationship.\n(2) The company is not required to bring into account a credit in respect of the release for the purposes of this Part.\n(3) Where the carrying value of a liability representing the debtor relationship has at any time been adjusted as a result of the liability being the hedged item under a designated fair value hedge, this section does not prevent a credit being brought into account for the purposes of this Part in respect of any reversal of that adjustment.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 359(1)(d) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 34(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 359(3) inserted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 34(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/359",
    "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."
}