Part 5 U.K.Loan Relationships

Modifications etc. (not altering text)

C1 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)

Chapter 3 U.K.The credits and debits to be brought into account: general

Exchange gains and losses U.K.

[F1 328CMeaning of “test day” U.K.

(1) This section makes provision for the purposes of section 328A as to whether a day in an accounting period of company A is a “test day”.

(2) In the case of arrangements that include one or more options, a day in the accounting period is a “test day” if it is—

(a) a day on which such an option is exercised,

(b) a day on which such an option that is not exercised in the accounting period was capable of being exercised,

(c) a day on which company A, or a company connected with company A, ceased to be a party to such an option,

(d) a day on which a terms of such an option are varied, or

(e) the last day of the accounting period.

(3) In the case of arrangements that include one or more relevant contingent contracts, a day in the accounting period is a “test day” if it is—

(a) a day on which an operative condition of such a contract is met,

(b) a day on which company A, or a company connected with company A, ceased to be a party to such a contract,

(c) a day on which a terms of such a contract are varied, or

(d) the last day of the accounting period.]

Textual Amendments

F1 Ss. 328A-328H inserted (with effect in accordance with Sch. 21 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 21 para. 3