Section 259NEE Release of connected companies debts during creditor’s insolvencyF1F2
United Kingdom
This section is to be read with section 259NEB (relevant debt relief circumstances: introductory).
The circumstances in this section are—
the relevant release takes place in an accounting period for which an amortised cost basis of accounting is used in respect of the debtor relationship,
condition A, B, C, D or E in section 357 of CTA 2009 is met in relation to the payer,
immediately before the time when any of those conditions was first met the debtor relationship was a connected companies relationship, and
immediately after that time it was not such a relationship.
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