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Corporation Tax Act 2010

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Changes over time for: Section 703

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Point in time view as at 01/04/2010.

Changes to legislation:

Corporation Tax Act 2010, Section 703 is up to date with all changes known to be in force on or before 12 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

703Meaning of certain expressions in section 702U.K.
This section has no associated Explanatory Notes

(1)This section applies for the purposes of the table in section 702(2).

(2)For the purposes of column 1 of row 2 of the table, the amount for the actual accounting period of any adjusted non-trading profits from the company's loan relationships is the amount which would be the amount of the profits from those relationships chargeable under section 299 of CTA 2009 (charge to tax on non-trading profits) if, in calculating that amount, amounts for that period within column 1 of row 4 or 5 of the table were disregarded.

(3)For the purposes of column 1 of row 3 of the table, the amount for the actual accounting period of any adjusted non-trading deficit from the company's loan relationships is the amount which would be the amount of the non-trading deficit from those relationships if, in calculating that amount, amounts for that period within column 1 of row 4 or 5 of the table were disregarded.

(4)Condition A is that—

(a)the amount in column 1 of row 4 of the table is determined on an amortised cost basis of accounting, and

(b)none of the following provisions applies—

(i)section 373 of CTA 2009 (late interest treated as not accruing until paid in some cases),

(ii)section 407 of that Act (postponement until redemption of debits for connected companies' deeply discounted securities), or

(iii)section 409 of that Act (postponement until redemption of debits for close companies' deeply discounted securities).

(5)Condition B is that—

(a)the amount in column 1 of row 4 of the table is determined on an amortised cost basis of accounting, and

(b)any of the provisions mentioned in subsection (4)(b) applies.

(6)The expenses of management mentioned in column 1 of row 8 of the table do not include any expenses for which a deduction under section 1219 of CTA 2009 (expenses of management of a company's investment business) would be disallowed because of subsection (3)(b) of that section.

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