C1C3C4C5C6Part 5Loan Relationships
Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)
Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)
Pt. 5 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 2; S.I. 2011/2576, art. 5
C2C3C6Chapter 6Connected companies relationships: impairment losses and releases of debts
Pt. 5 Chs. 6-8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
Introduction
353Introduction to Chapter
1
This Chapter contains rules about impairment losses and releases of debts in the case of companies connected with other companies.
2
In particular, see—
a
sections 354 to 357 (which prevent debits in respect of impairment losses and release debits from being brought into account in the case of connected companies relationships, subject to some exceptions),
b
sections 358 to 360 (which exclude credits in respect of the release of debts or the reversal of impairments from being brought into account in that case,F3subject to some exceptions), and
c
sections 361 to 363 (which treat debt releases as occurring when impaired debts become held by companies which might otherwise benefit from the exclusion under section 358).
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4
Section 466 (companies connected for an accounting period) applies for the purposes of sections 354 to 360.
5
For the circumstances in which companies are connected for sections 361 and 362, see section 363.
6
For the meaning of “impairment loss F2and release debit” see section 476(1).
Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)