Paragraph 30 Amendments of CTA 2009

United Kingdom

(1)

Sections 447, 449 to 451 and 694 of CTA 2009 are repealed (treatment of exchange gains and losses subject to Part 4 of TIOPA 2010).

(2)

In section 445 of CTA 2009 (disapplication of section 444 where Part 4 of TIOPA 2010 applies), in subsection (2), omit paragraph (b) (and the “and” before it).

(3)

In section 452 of that Act (exchange gains and losses where loan not on arm's length terms)—

(a)

in subsection (1) for subsection (a) substitute—

“(a)
a company would be treated as having a debtor relationship, or would be treated as borrowing more under an existing debtor relationship, in relation to an accounting period if—
(i)
an election were made under section 153B(2) of TIOPA 2010 in relation to that period,
(ii)
a claim were made under section 192(1) of that Act in relation to that period, or
(iii)
such an election and such a claim were made in relation to that period, and”,

(b)

in subsection (2), for “claim” substitute “election, claim or election and claim”,

(c)

in subsection (3)—

(i)

in the words before paragraph (a), for the words from “a claim” to the end substitute “one or more elections or claims made under section 153B (2) or 192(1) of TIOPA 2010 or assumed to have been made as a result of subsection (2)—”, and

(ii)

in paragraph (a), after “relationship” insert “, or is treated as borrowing more under an existing debtor relationship”,

(d)

in subsection (4)—

(i)

omit “under section 447”,

(ii)

for “issuing company” substitute “borrower”, and

(iii)

after “relationship”, in the second place it occurs, insert “as a result of Part 4 of TIOPA 2010”,

(e)

in subsection (5)—

(i)

omit “under section 447”,

(ii)

for “issuing company” substitute “borrower”, and

(iii)

after “relationship”, in the second place it occurs, insert “as a result of Part 4 of TIOPA 2010”, and

(f)

in subsection (5A) for “issuing company” substitute “borrower”.

(4)

In consequence of the amendments made by this paragraph—

(a)

in section 440(2) of CTA 2009, in paragraph (c), for “447 to” substitute “448 and”,

(b)

in section 444(6) of that Act, for “447 to” substitute “448 and”,

(c)

in section 164(2) of TIOPA 2010—

(i)

after “trades),” insert “and”, and

(ii)

omit from “section 447(5)” to the end, and

(d)

in section 174(4) of that Act—

(i)

after “relief),” insert “and”, and

(ii)

omit from “section 447(5)” to the end.