Paragraph 11 I1

United Kingdom

(1)

This paragraph applies if, in consequence of a section 39 scheme, the NDA or a subsidiary of the NDA replaces a person as a party to a loan relationship.

(2)

F1Part 5 of the Corporation Tax Act 2009 is to have effect in relation to the time when the transfer takes effect and any later time as if—

(a)

the NDA or its subsidiary had been a party to the loan relationship at the time when the transferor became a party to it and at all times since that time; and

(b)

the loan relationship to which the NDA or its subsidiary is a party after the time when the transfer takes effect is the same loan relationship as that to which, by virtue of paragraph (a), it is treated as having been a party before that time.

(3)

Expressions used in this paragraph and in F2Part 5 of the Corporation Tax Act 2009 have the same meanings in this paragraph as in that Part.

Annotations

Textual amendments

F1: Words in Sch. 9 para. 11(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(2)(a) (with Sch. 2 Pts. 1, 2)
F2: Words in Sch. 9 para. 11(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 586(2)(b) (with Sch. 2 Pts. 1, 2)

Commencement

I1: Sch. 9 para. 11 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1