- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
9(1)Section 100 of FA 1996 (interest, and exchange gains and losses, on debts etc not arising from the lending of money) is amended as follows.
(2)For the heading substitute “Money debts etc not arising from the lending of money”.
(3)In subsection (1)(c) (money debts to which the section applies), after sub-paragraph (ii) insert— “or
(iii)in respect of which a payment would fall to be brought into account for the purposes of corporation tax as a receipt of a trade, Schedule A business or overseas property business carried on by the company, and in relation to which an impairment loss (or a credit in respect of the reversal of an impairment loss) arises to the company;”.
(4)In subsection (2) for paragraphs (a) and (b) substitute—
“(a)this Chapter has effect in relation to the matters mentioned in subsection (1)(c) above as it has effect in relation to such matters arising under or in relation to a loan relationship, but
(b)the only credits or debits to be brought into account for the purposes of this Chapter in respect of the relationship are those relating to those matters;”.
(5)After subsection (13) add—
“(14)This section does not apply to a debt in respect of which profits, gains or losses (if any) fall to be brought into account under—
(a)Schedule 26 to the Finance Act 2002 (derivative contracts), or
(b)Schedule 29 to that Act (gains and losses from intangible fixed assets).”.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: