Source: http://www.legislation.gov.uk/ukpga/2009/4/part/5
Timestamp: 2015-03-06 00:54:22
Document Index: 72108284

Matched Legal Cases: ['art. 7', 'art. 3', 'art. 10', 'art. 5', 'art. 12', 'art. 2', 'art. 2', 'art. 2', 'art 5', 'art 6', 'art.\n296', 'art.\n297', 'art 3']

Table of ContentsContentExplanatory NotesMore ResourcesPrevious: PartNext: PartPlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)Show Timeline of ChangesOpening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFCorrection Slip - 15/03/2011Correction Slip - 15/03/2011Correction Slip - 15/10/2010View moreChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Corporation Tax Act 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to :Changes and effectsThis section lists the changes and effects yet to be applied to the specific provision you are viewing.Pt. 5 applied by 2009 c. 10 Sch. 24 para. 15(2)(3)	Pt. 5	applied (with modifications) by 2010 c. 4 s. 990(5)	Pt. 5 Ch. 4	modified by 2010 c. 4 s. 601	Pt. 5 Ch. 6-8	modified by 2010 c. 4 s. 601	Pt. 5 modified by 2011 c. 20 Sch. 24 para. 5Pt. 5 modified by 2011 c. 4 Sch. 4 para. 2Pt. 5 Ch. 4 modified by 2011 c. 5 Sch. 2 para. 5Pt. 5 modified by 2012 c. 14 s. 88(1)(2)(7)Pt. 5 Ch. 4 modified by S.I. 2009/3227 reg. 5Pt. 5 modified by S.I. 2013/2242 art. 7Pt. 5 modified by S.I. 2013/3209 reg. 11(3)-(6)Pt. 5 modified by 2010 c. 4 s. 356NB(1)-(4) (as inserted) by 2014 c. 26 Sch. 16 para. 4Pt. 5 modified by 2010 c. 4 s. 356NC(1)-(4) (as inserted) by 2014 c. 26 Sch. 16 para. 4Changes and effects yet to be applied to the whole Act associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Act amendment to earlier affecting provision SI 2006/964 reg. 95 by S.I. 2009/2036 reg. 30Act applied in part by 2010 c. 4 s. 853(3)	Act words substituted by 2014 c. 14 Sch. 4 para. 141Act words substituted by 2014 c. 14 Sch. 4 para. 142Act words substituted by 2014 c. 14 Sch. 4 para. 143Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Whole provisions yet to be inserted into this Act (including any effects on those provisions):Pt. 9A inserted by 2009 c. 10 Sch. 14 para. 1	Pt. 9A	modified by 2010 c. 4 s. 787	Pt. 9A	modified by 2010 c. 4 s. 795	Pt. 9A modified by 2010 c. 4 s. 814D(6) (as inserted) by 2013 c. 29 Sch. 29 para. 2Pt. 15A inserted by 2013 c. 29 Sch. 16 para. 1Pt. 15B inserted by 2013 c. 29 Sch. 17 para. 1Ch. 7 heading substituted by 2012 c. 14 Sch. 3 para. 30Ch. 8A inserted by S.I. 2012/266 art. 10s. 845(4(e) and word inserted by 2013 c. 29 s. 61(4)(b)s. 845(4(ca) word omitted by 2013 c. 29 s. 61(4)(a)s. A1 inserted by 2010 c. 8 Sch. 8 para. 309s. A1(2) word omitted by 2012 c. 14 Sch. 16 para. 136(b)s. A1(2)(a) omitted by 2012 c. 14 Sch. 16 para. 136(a)s. A1(2)(b) omitted by 2012 c. 14 Sch. 20 para. 25(a)s. A1(2)(k) inserted by 2012 c. 14 Sch. 16 para. 136(b)s. A1(2)(l) and word inserted by 2012 c. 14 Sch. 18 para. 20s. A1(2)(ja) inserted by 2012 c. 14 Sch. 20 para. 25(b)s. 18A(1) words omitted by 2012 c. 14 Sch. 20 para. 3s. 18F(1)(a) words substituted by 2012 c. 14 Sch. 20 para. 5(2)s. 18F(2)(2A) substituted for s. 18F(2) by 2012 c. 14 Sch. 20 para. 5(3)s. 18F(6) words substituted by 2012 c. 14 Sch. 20 para. 5(4)s. 18F(7)(8) inserted by 2012 c. 14 Sch. 20 para. 5(5)s. 18G 18ID substituted for s. 18G 18I by 2012 c. 14 Sch. 20 para. 6s. 18P(3) inserted by 2012 c. 14 Sch. 20 para. 7s. 18Q(1) words omitted by 2012 c. 14 Sch. 16 para. 137(2)s. 18Q(2)(3) omitted by 2012 c. 14 Sch. 16 para. 137(3)s. 18CA 18CB inserted by 2012 c. 14 Sch. 20 para. 4s. 58A 58B inserted by 2009 c. 10 Sch. 11 para. 50s. 60A inserted by 2010 c. 13 Sch. 5 para. 2(2)s. 92A and cross-heading inserted by 2014 c. 26 Sch. 17 para. 4(2)s. 104N(3) words inserted by 2014 c. 26 Sch. 1 para. 10s. 104BA inserted by 2013 c. 29 Sch. 18 para. 8s. 104BA(4) inserted by 2014 c. 26 Sch. 4 para. 9s. 149A-149E inserted by S.I. 2012/266 art. 5(4)	s. 221A	inserted by 2010 c. 4 Sch. 1 para. 600	s. 248A-248C and cross-heading inserted by S.I. 2011/1037 art. 12(2)s. 321A inserted by 2010 c. 13 s. 43(1)s. 328A-328H inserted by 2009 c. 10 Sch. 21 para. 3s. 361A inserted by 2010 c. 13 Sch. 15 para. 2(5)s. 363A inserted by 2012 c. 14 s. 23(3)s. 400-400C excluded by 2012 c. 14 s. 112(1)s. 400A-400C inserted by 2010 c. 13 Sch. 14 para. 6s. 418A inserted by 2009 c. 10 Sch. 30 para. 4(7)s. 445 Title words substituted by 2010 c. 8 Sch. 8 para. 133(11)s. 446 Title words substituted by 2010 c. 8 Sch. 8 para. 134(2)s. 447 Title words substituted by 2010 c. 8 Sch. 8 para. 135(5)s. 465A and cross-heading inserted by 2010 c. 13 Sch. 19 para. 1s. 486D(5)(6) omitted by 2012 c. 14 Sch. 20 para. 26s. 486E(7)(c) words substituted by 2012 c. 14 Sch. 20 para. 27(2)s. 486E(9)(10) substituted by 2012 c. 14 Sch. 20 para. 27(3)s. 486E(11) omitted by 2012 c. 14 Sch. 20 para. 27(4)	s. 486F(2)(a)	words substituted by 2010 c. 4 Sch. 1 para. 625	s. 486G(2)	words substituted by 2010 c. 4 Sch. 1 para. 626	s. 521C applied by 2010 c. 8 s. 371SQ(2) (as inserted) by 2012 c. 14 Sch. 20 para. 1	s. 521D(5)	words substituted by 2010 c. 4 Sch. 1 para. 634	s. 521E(5)(6) omitted by 2012 c. 14 Sch. 20 para. 28s. 521F excluded by 2009 c. 10 Sch. 24 para. 15(4)s. 599A 599B inserted by 2009 c. 10 Sch. 30 para. 3(1)s. 599A(2)(b) words substituted by 2010 c. 31 Sch. 5 para. 3(2)(a)s. 599A(2)(c) words substituted by 2010 c. 31 Sch. 5 para. 3(2)(b)s. 599A(3)(a) words substituted by 2010 c. 31 Sch. 5 para. 3(3)(a)s. 599A(3)(a) words substituted by 2010 c. 31 Sch. 5 para. 3(3)(b)s. 599A(3)(b) word substituted by 2010 c. 31 Sch. 5 para. 3(4)s. 599A(4) words omitted by 2010 c. 31 Sch. 5 para. 3(5)s. 599A(5)(a) words substituted by 2010 c. 31 Sch. 5 para. 3(6)(a)s. 599A(5)(a) words substituted by 2010 c. 31 Sch. 5 para. 3(6)(b)s. 599A(5A)(5B) inserted by 2010 c. 31 Sch. 5 para. 3(7)s. 606A-606H inserted by 2009 c. 10 Sch. 21 para. 7	s. 606H(11)	words substituted by 2010 c. 4 Sch. 1 para. 638	s. 693 Title words substituted by 2010 c. 8 Sch. 8 para. 142(2)s. 695A inserted by 2014 c. 26 s. 29(1)s. 701A inserted by 2010 c. 13 Sch. 19 para. 2s. 808A 808B inserted by 2013 c. 29 Sch. 18 para. 9s. 808C inserted by 2014 c. 26 Sch. 4 para. 10s. 849A inserted by 2013 c. 29 s. 61(5)	s. 931B(b)	words substituted by 2010 c. 4 Sch. 1 para. 659	s. 931C(1)(a) substituted by 2010 c. 8 Sch. 8 para. 98	s. 931D(b)	words substituted by 2010 c. 4 Sch. 1 para. 660	s. 931E(3)-(6) substituted for s. 931E(3)-(5) by 2012 c. 14 Sch. 20 para. 31s. 931H(5) words substituted by 2010 c. 8 Sch. 8 para. 99s. 931J(7) words substituted by 2010 c. 8 Sch. 8 para. 100s. 931P(4) words substituted by 2010 c. 8 Sch. 8 para. 148s. 931R excluded by SI 2006/964 reg. 69Z58 (as inserted) by S.I. 2009/2036 reg. 24s. 931S(3) words substituted by 2012 c. 14 Sch. 16 para. 183s. 931S(3) words substituted by 2012 c. 14 Sch. 18 para. 22	s. 931V(2)	words substituted by 2010 c. 4 Sch. 1 para. 661	s. 931W(3) omitted by 2012 c. 14 Sch. 16 para. 184s. 931CA inserted by 2012 c. 14 Sch. 20 para. 30s. 1007A inserted by 2014 c. 26 Sch. 9 para. 42s. 1015A 1015B inserted by 2014 c. 26 Sch. 9 para. 43s. 1025A 1025B inserted by 2014 c. 26 Sch. 9 para. 45s. 1030A 1030B inserted by 2014 c. 26 Sch. 9 para. 45s. 1038B inserted by 2013 c. 29 Sch. 23 para. 33(1)s. 1040A inserted by 2013 c. 29 Sch. 15 para. 2(2)s. 1040ZA inserted by 2013 c. 29 Sch. 18 para. 10s. 1040ZA(4) inserted by 2014 c. 26 Sch. 4 para. 11s. 1145-1145B substituted for s. 1145 by 2009 c. 10 Sch. 7 para. 5s. 1146A inserted by 2009 c. 10 Sch. 7 para. 7s. 1178A inserted by 2009 c. 10 Sch. 7 para. 22s. 1216A(3)(a) words substituted by 2014 c. 26 s. 33(2)s. 1216B(1) word inserted by 2014 c. 26 s. 33(3)(a)s. 1216B(2) words substituted by 2014 c. 26 s. 33(3)(b)s. 1216B(5) inserted by 2014 c. 26 s. 33(3)(c)s. 1216CN(4) words substituted by S.I. 2014/834 Sch. 2 para. 63s. 1217A(3)(a) words substituted by 2014 c. 26 s. 34(2)s. 1217B(1) word inserted by 2014 c. 26 s. 34(4)(a)s. 1217B(2) word inserted by 2014 c. 26 s. 34(4)(b)s. 1217B(5) inserted by 2014 c. 26 s. 34(4)(c)s. 1217C(2)(c) words substituted by 2014 c. 26 s. 34(6)(a)s. 1217AE heading word substituted by 2014 c. 26 s. 34(3)(a)s. 1217AE(1) substituted by 2014 c. 26 s. 34(3)(b)s. 1217AE(2) words substituted by 2014 c. 26 s. 34(3)(c)s. 1217CE cross-heading words substituted by 2014 c. 26 s. 34(6)(b)s. 1217CE heading words substituted by 2014 c. 26 s. 34(6)(c)s. 1217CE(1) words substituted by 2014 c. 26 s. 34(6)(d)s. 1217CF(3A) inserted by 2014 c. 26 s. 34(5)(a)s. 1217CF(4)(a) words substituted by 2014 c. 26 s. 34(5)(b)s. 1217CF(5) inserted by 2014 c. 26 s. 34(5)(c)s. 1217CG(1)(a) words substituted by 2014 c. 26 s. 34(6)(e)s. 1217CG(2)(a) words substituted by 2014 c. 26 s. 34(6)(e)s. 1217CN(4) words substituted by S.I. 2014/834 Sch. 2 para. 64s. 1217EB heading words substituted by 2014 c. 26 s. 34(6)(f)s. 1217EB(1)(a)(b) words substituted by 2014 c. 26 s. 34(6)(g)s. 1217EB(3) words substituted by 2014 c. 26 s. 34(6)(g)s. 1218A s. 1217 renumbered as s. 1218A by 2013 c. 29 Sch. 18 para. 21(1)(a)s. 1218B s. 1218 renumbered as s. 1218B by 2013 c. 29 Sch. 18 para. 21(1)(b)s. 1223A inserted by 2012 c. 14 Sch. 16 para. 207s. 1227A inserted by 2014 c. 26 Sch. 17 para. 4(4)(b)s. 1264A inserted by 2014 c. 26 Sch. 17 para. 10(3)s. 1269 Title word substituted by 2010 c. 8 Sch. 8 para. 311s. 1273A inserted by 2014 c. 26 Sch. 17 para. 2s. 1301A inserted by 2010 c. 8 Sch. 7 para. 39	s. 1301B	inserted by 2010 c. 4 Sch. 1 para. 692	s. 1305A inserted by 2014 c. 26 s. 30(1)Sch. 23A para. 4(4A)(4B) inserted by 2009 c. 10 Sch. 14 para. 12(3)Commencement Orders yet to be applied to the Corporation Tax Act 2009Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2011/2280 art. 2 commences (2011 c. 11)S.I. 2011/2329 art. 2	3	commences (2011 c. 5)S.I. 2011/2576 art. 2 3 5 commences () Part 5 E+W+S+N.I.Loan RelationshipsChapter 1E+W+S+N.I.IntroductionIntroductionE+W+S+N.I.292Overview of PartE+W+S+N.I.(1)This Part sets out how profits and deficits arising to a company from its loan relationships are brought into account for corporation tax purposes.
293Construction of references to profits or losses from loan relationshipsE+W+S+N.I.(1)In this Part references to profits or losses from loan relationships include references to profits or losses from related transactions.
(2)For the meaning of “related transaction” see section 304.
(3)Except where the context indicates otherwise, in this Part references to profits or losses from loan relationships include references to profits or losses of a capital nature.
294Matters treated as loan relationshipsE+W+S+N.I.(1)Part 6 deals with matters treated for some or all purposes as loan relationships or rights, payments or profits under loan relationships.
How profits and deficits from loan relationships are dealt withE+W+S+N.I.295General rule: profits arising from loan relationships chargeable as incomeE+W+S+N.I.(1)The general rule for corporation tax purposes is that all profits arising to a company from its loan relationships are chargeable to tax as income in accordance with this Part.
296Profits and deficits to be calculated using credits and debits given by this PartE+W+S+N.I.Profits and deficits arising to a company from its loan relationships are to be calculated using the credits and debits given by this Part.
297Trading credits and debits to be brought into account under Part 3E+W+S+N.I.(1)This section applies so far as in any accounting period a company is a party to a loan relationship for the purposes of a trade it carries on.
(c)section 494(2A) of ICTA (under which some credits and debits affecting ring-fence profits from petroleum extraction activities are treated as non-trading credits and debits).
298Meaning of trade and purposes of tradeE+W+S+N.I.(1)For the purposes of this Part a company is taken to be a party to a creditor relationship for the purposes of a trade it carries on only if it is a party to the relationship in the course of activities forming an integral part of the trade.
(a)any mutual trading,
(b)any mutual insurance or other mutual business which is not life assurance business, or
(c)any basic life assurance and general annuity business,
299Charge to tax on non-trading profitsE+W+S+N.I.(1)The charge to corporation tax on income applies to any non-trading profits which a company has in respect of its loan relationships.
300Method of bringing non-trading deficits into accountE+W+S+N.I.(1)Any non-trading deficit which a company has from its loan relationships must be brought into account in accordance with Chapter 16 (non-trading deficits).
301Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debitsE+W+S+N.I.(1)Whether a company has non-trading profits or a non-trading deficit from its loan relationships for an accounting period is determined as follows, using the non-trading credits and non-trading debits given by this Part for the accounting period.
Chapter 2E+W+S+N.I.Basic definitions302“Loan relationship”, “creditor relationship”, “debtor relationship”E+W+S+N.I.(1)For the purposes of the Corporation Tax Acts a company has a loan relationship if—
303“Money debt”