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Corporation Tax Act 2009

Section 338: Meaning of company replacing another as party to loan relationship

1111.This section explains what is meant by one party replacing the other as a party to a loan relationship for the purposes of section 335. It is based on paragraph 12(6) to (7A) of Schedule 9 to FA 1996.

1112.Subsections (3) and (4) deal with the position where a company replaces another company as a creditor and subsections (5) and (6) where it replaces the other company as a debtor. The debtor rules will apply where a company has borrowed money but substitutes another group company as the debtor by novating the debt.

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