Explanatory Notes

Corporation Tax Act 2009

2009 CHAPTER 4

26 March 2009

Commentary on Sections

Part 5: Loan Relationships

Overview

Chapter 8: Connected parties relationships: late interest
Overview
Section 379: Persons indirectly standing in the position of creditor

1175.This section provides that the preceding sections on late interest which refer to the creditor company include companies which stand indirectly in that position as a result of a series of loan relationships or money debts. It is based on paragraph 2(3) and (4) of Schedule 9 to FA 1996.