Section 192 Attribution to guarantor company of things done by borrowerF8

(1)

On the making of a claim, the guarantor company is, to the extent of the reduction mentioned in F1subsection (1)(c) of section 191 (so far as it meets the condition in subsection (1)(d) of that section), to be treated for all purposes of the Taxes Acts as if it (and not the F2borrower)—

F3(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(b)

was the person that owed the borrowing liabilities under the borrowing transaction, and

(c)

had paid any interest or other amounts paid under it by the F5borrower.

(2)

Subsection (1) is subject to subsection (3).

(3)

Where the F6borrower’s liabilities under the borrowing transaction are the subject of two or more guarantees (whether or not provided by the same person), TD must not exceed TR, where—

TD is the total of the amounts brought into account by the guarantor companies because of subsection (1), and
TR is the total amount of the reductions within section 191(1)(c).

(4)

Provision about claims under subsection (1) is made by—

section 193 (interaction between claims under subsection (1) and claims under section 174), and
section 194 (general provision about claims under subsection (1)).

(5)

In subsection (1) “the Taxes Acts” has the meaning given by section 118(1) of TMA 1970.

F7(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in s. 192(1) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(3)(a)(i), 12
F2: Word in s. 192(1) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(3)(a)(ii), 12
F3: S. 192(1)(a) omitted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by virtue of Finance Act 2026 (c. 11), Sch. 6 paras. 7(3)(b), 12
F4: S. 192(1)(b) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(3)(c), 12
F5: Word in s. 192(1)(c) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(3)(d), 12
F6: Words in s. 192(3) substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(4), 12
F7: S. 192(6) omitted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by virtue of Finance Act 2026 (c. 11), Sch. 6 paras. 7(5), 12
F8: Word in s. 192 heading substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 7(2), 12

Notes on Part 4

Modifications

C1: Pt. 4 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C2: Pt. 4 excluded (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(2); S.I. 2011/2329, art. 3
C3: Pt. 4 excluded (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(2); S.I. 2011/2576, art. 5
C4: Pt. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 129(11) (with s. 147, Sch. 17)

Notes on Chapter 5

Textual amendments

F1: Words in s. 191 cross-heading substituted (with effect in accordance with Sch. 6 para. 12 of the amending Act) by Finance Act 2026 (c. 11), Sch. 6 paras. 5, 12

Modifications

C1: Pt. 4 Chs. 1 and 3-6 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 9 paras. 3, 4