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Corporation Tax Act 2010
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679Restriction on debits to be brought into account
This section has no associated Explanatory Notes
(1)This section has effect for the purpose of restricting the debits to be brought into account for the purposes of Part 5 of CTA 2009 (loan relationships) in respect of the company’s loan relationships.
(2)The debits to be brought into account for the purposes of Part 5 of CTA 2009 for—
(a)the accounting period beginning immediately after the change in ownership, or
(b)any subsequent accounting period,
do not include relevant non-trading debits so far as amount A exceeds amount B.
(3)Amount A is the sum of—
(a)the amount of those relevant non-trading debits, and
(b)the amount of any relevant non-trading debits which have been brought into account for the purposes of that Part for any previous accounting period ending after the change in ownership.
(4)Amount B is the amount of the taxable total profits of the accounting period ending with the change in ownership.
(5)For the meaning of “relevant non-trading debit”, see section 730.
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