Paragraph 9
United Kingdom
This paragraph has effect in a case to which section 768B applies for determining the debits to be brought into account for the purposes of F1Part 5 of CTA 2009 (loan relationships) for—
the accounting period beginning immediately after the change in the ownership of the company; and
any subsequent accounting period.
The debits so brought into account shall not include the debits falling within paragraph 11 below to the extent (if at all) that the aggregate of—
the amount of those debits, and
the amount of any debits falling within that paragraph which have been brought into account for the purposes of F2that Part for any previous accounting period ending after the change in the ownership,
exceeds the profits for the accounting period ending with the change in the ownership.
The reference in sub-paragraph (2) above to the profits is a reference to profits after making all deductions and giving all reliefs that for the purposes of corporation tax are made or given against the profits, including deductions and reliefs which under any provision are treated as reducing them for those purposes.
Annotations
Textual amendments
- F1
Words in Sch. 28A para. 9(1) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(5)(a) (with Sch. 2 Pts. 1, 2)
- F2
Words in Sch. 28A para. 9(2)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 290(5)(b) (with Sch. 2 Pts. 1, 2)
Notes on Schedule 28A
Textual amendments
- F1
Sch. 28A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 149, Sch. 3 Pt. 1 (with Sch. 2)
- F2
Sch. 28A inserted (with effect in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 3
- F3
Sch. 28A heading substituted (28.9.2004 with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 2, Sch. para. 39(11)
Notes on Part IV
Textual amendments
- F1
Sch. 28A Pt. 4 title substituted (with effect in accordance with Sch. 7 para. 3(9) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 3(8)