Paragraph 23 I1

United Kingdom

(1)

This paragraph applies if, in consequence of a transfer to which this Part of this Schedule applies, the transferee 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 transferee 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 transferee 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. 23(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(5)(a) (with Sch. 2 Pts. 1, 2)
F2: Words in Sch. 9 para. 23(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(5)(b) (with Sch. 2 Pts. 1, 2)

Commencement

I1: Sch. 9 para. 23 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1