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Finance Act 2002

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This is the original version (as it was originally enacted).

Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss

42In Schedule 15, after paragraph 11 (other adjustments in the case of chargeable assets etc) insert—

Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss

11A(1)This paragraph applies where, in the case of any asset representing in whole or in part a loan relationship of a company, an amount representing a deemed allowable loss would (apart from this paragraph) fall or have fallen to be brought into account in accordance with paragraph 8(3) above for an accounting period (whenever beginning or ending), but for section 251(4) of the 1992 Act (no allowable loss on disposal of debt acquired from connected person).

(2)Where this paragraph applies, the amount of any credit falling within sub-paragraph (3) below shall be treated for the purposes of this Chapter as reduced (but not below nil) by the amount described in sub-paragraph (1) above.

(3)A credit falls within this sub-paragraph if (apart from this paragraph)—

(a)the credit falls to be given by virtue of paragraph 11(3)(a) above for an accounting period beginning on or after 1st October 2002; and

(b)the loan relationship mentioned in paragraph 11(1)(a) above in the case of the credit is the same loan relationship as the one mentioned in sub-paragraph (1) above..

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