Section 383 Relevant loan relationship debitsF1

(1)

This section applies for the purposes of section 382.

(2)

An amount is a “relevant loan relationship debit” if—

(a)

it is a debit that is (or apart from this Part would be) brought into account for the purposes of corporation tax in respect of a loan relationship under—

(i)

Part 3 of CTA 2009 as a result of section 297 of that Act (loan relationships for purposes of trade), or

(ii)

Part 5 of that Act (other loan relationships), and

(b)

is not an excluded debit.

(3)

A debit is “excluded” for the purposes of subsection (2)(b) if—

(a)

it is in respect of an exchange loss (within the meaning of Parts 5 and 6 of CTA 2009), or

(b)

it is in respect of an impairment loss.

Annotations

Textual amendments

F1: Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)

Notes on Part 10

Modifications

C1: Pt. 10 excluded by 2010 c. 4, s. 937NA (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 7)
C2: Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 9)
C3: Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 8)