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Finance Act 2014

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This is the original version (as it was originally enacted).

294Controlled foreign companies: qualifying loan relationships (2)

This section has no associated Explanatory Notes

(1)In Chapter 9 of Part 9A of TIOPA 2010 (controlled foreign companies: qualifying loan relationships) in section 371IH (exclusions from definition of “qualifying loan relationship”) in subsection (10)(c) for “wholly or mainly used” substitute “used to any extent (other than a negligible one)”.

(2)The amendment made by this section has effect for accounting periods of CFCs beginning on or after 5 December 2013.

(3)The following subsections apply in relation to a qualifying loan relationship of a CFC if—

(a)profits of the qualifying loan relationship (“the relevant profits”) would, apart from those subsections, be included in the CFC’s qualifying loan relationship profits for an accounting period of the CFC (“the straddling period”) which begins before 5 December 2013 but ends on or after that date, and

(b)the creditor relationship in question would not be a qualifying loan relationship for the straddling period were the amendment made by this section to have effect for accounting periods of CFCs beginning before 5 December 2013.

(4)Apportion the relevant profits between the part of the straddling period falling before 5 December 2013 and the part falling on or after that date—

(a)in accordance with section 1172 of CTA 2010 (time basis), or

(b)if that method produces a result that is unjust or unreasonable, on a just and reasonable basis.

(5)The relevant profits are to be excluded from the CFC’s qualifying loan relationship profits for the straddling period so far as they are apportioned to the part of the straddling period falling on or after 5 December 2013.

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