SCHEDULES
SCHEDULE 5Group mismatch schemes
Repeal of sections 418 to 419 of CTA 2009
7
1
Omit sections 418 to 419 of CTA 2009 (loan relationships treated differently by connected debtor and creditor).
2
In consequence of the repeals made by sub-paragraph (1), omit—
a
in section 748ZA of ICTA (as inserted by paragraph 5 of Schedule 12 to this Act), subsection (5)(a),
b
in Schedule 30 to FA 2009, paragraph 4,
c
in section 416 of CTA 2009, subsection (4),
d
in Schedule 1 to CTA 2010, paragraph 615, and
e
section 29 of this Act.
3
The repeals made by this paragraph have effect in relation to loan relationships to which a company is a party (or to which it is treated as a party under section 418(6A) of CTA 2009) on or after the commencement date.
4
But amounts are to continue to be brought into account for the purposes of Part 5 of CTA 2009 disregarding the repeals made by sub-paragraph (1) if the amounts relate to a time before the commencement date; and the repeals made by sub-paragraph (2) have effect accordingly.