Section 541 Debits for deemed interest under stock lending arrangements disallowedC1
United Kingdom
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).
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.
Annotations
Textual amendments
- F1
Words 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)
- F2
Words 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)
- F3
Words 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)
- F4
Words 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)
Modifications
- C1
S. 541(3) excluded by 2010 c. 8, s. 452(3)(a) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))
Notes on Part 6
Modifications
- C1
Pt. 6 modified (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by 2005 c. 5, Sch. A1 para. 35(7) (as inserted by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 1)