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Section 259NEB Relevant debt relief circumstances: introductoryF1F2

United Kingdom

(1)

This section applies for the purposes of section 259CB(3).

(2)

Excess arises in “relevant debt relief circumstances” if (and only if)—

(a)

the payment or quasi-payment mentioned in section 259CB(2) comprises the release of a liability to pay an amount under a debtor relationship (within the meaning given by section 302(6) of CTA 2009), and

(b)

the circumstances in section 259NEC, 259NED, 259NEE, or 259NEF apply.

(3)

For the purposes of those sections references to—

(a)

“the relevant release” means the release of liability mentioned in subsection (2)(a),

(b)

“loan relationship” is to be construed in accordance with section 302 of CTA 2009,

(c)

“amortised cost basis of accounting” is to be construed in accordance with section 313(4) and (4A) of that Act,

(d)

“connected companies relationship” is to be construed in accordance with section 348 of that Act, and

(e)

“deemed release” and “relevant rights” are to be construed in accordance with section 358(3) to (4A) of that Act.

Annotations

Textual amendments

F1

Pt. 6A inserted (with effect in accordance with Sch. 10 paras. 18-21 of the amending Act) by Finance Act 2016 (c. 24), Sch. 10 para. 1

F2

Ss. 259NEB-259NEF and cross-heading inserted (retrospectively) by Finance Act 2021 (c. 26), Sch. 7 paras. 5, 36