C1C2C3C4C5Part 5Loan Relationships
Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)
Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)
Pt. 5 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 2; S.I. 2011/2576, art. 5
Chapter 1Introduction
Introduction
292Overview of Part
1
This Part sets out how profits and deficits arising to a company from its loan relationships are brought into account for corporation tax purposes.
2
For the meaning of “loan relationship” see section 302 and Part 6 (relationships treated as loan relationships etc).
3
For how such profits and deficits are calculated and brought into account, see—
a
section 296 (profits and deficits to be calculated using credits and debits given by this Part),
b
section 297 (trading credits and debits to be brought into account under Part 3),
c
section 299 (charge to tax on non-trading profits),
d
section 300 (method of bringing non-trading deficits into account),
e
section 301 (calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits), and
f
Chapter 16 (non-trading deficits).
4
For the priority of this Part for corporation tax purposes, see Chapter 17.
5
This Part also contains the following Chapters (which mainly relate to the amounts to be brought into account for the purposes of this Part)—
a
Chapter 3 (the credits and debits to be brought into account: general),
b
Chapter 4 (continuity of treatment on transfers within groups or on reorganisations),
c
Chapter 5 (connected companies relationships: introduction and general),
d
Chapter 6 (connected companies relationships: impairment losses and releases of debts),
e
Chapter 7 (group relief claims involving impaired or released consortium debts),
f
Chapter 8 (connected parties relationships: late interest),
g
Chapter 9 (partnerships involving companies),
h
Chapter 10 (insurance companies),
i
Chapter 11 (other special kinds of company),
j
Chapter 12 (special rules for particular kinds of securities),
k
Chapter 13 (European cross-border transfers of business),
l
Chapter 14 (European cross-border mergers),
m
Chapter 15 (tax avoidance),
n
Chapter 18 (general and supplementary provisions).
6
This Part needs to be read with Part 19 (general exemptions).
Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)