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Corporation Tax Act 2009
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441Loan relationships for unallowable purposes
This section has no associated Explanatory Notes
(1)This section applies if in any accounting period a loan relationship of a company has an unallowable purpose.
(2)The company may not bring into account for that period for the purposes of this Part so much of any credit in respect of exchange gains from that relationship as on a just and reasonable apportionment is attributable to the unallowable purpose.
(3)The company may not bring into account for that period for the purposes of this Part so much of any debit in respect of that relationship as on a just and reasonable apportionment is attributable to the unallowable purpose.
(4)An amount which would be brought into account for the purposes of this Part as respects any matter apart from this section is treated for the purposes of section 464(1) (amounts brought into account under this Part excluded from being otherwise brought into account) as if it were so brought into account.
(5)Accordingly, that amount is not to be brought into account for corporation tax purposes as respects that matter either under this Part or otherwise.
(6)For the meaning of “has an unallowable purpose” and “the unallowable purpose” in this section, see section 442.
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