Paragraph 15 I1

Section 301 (calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits) is amended as follows.

In subsection (1) for “as follows” substitute “ in accordance with subsections (4) to (7) ”.

After subsection (1) insert—

“(1A)

But in the case of a non-UK resident company the only non-trading credits and non-trading debits to be used are those in respect of loan relationships that the company is a party to for a purpose mentioned in section 5(3A)(b) or (3B)(b).”