Section 18HE — Corporation Tax Act 2009: Modification of Chapter 9 of Part 9A of TIOPA 2010

Modification of Chapter 9 of Part 9A of TIOPA 2010 18HE 1 Chapter 9 of Part 9A of TIOPA 2010 (exemptions for profits from qualifying loan relationships) applies for the purposes of section 18H(2) with the following modifications.

2 In section 371IA(2) and (11) the reference to a chargeable company is to be read as a reference to company X (as is the reference in section 371CB(8)); and references elsewhere in Chapter 9 to company C are to be read as references to company X.

3 For section 371IA(5) there is to be substituted— 5 75% of the profits of each qualifying loan relationship are “exempt” under this Chapter.

4 In section 371IA(9)(a) the words “or Chapter 8 (solo consolidation)” are to be omitted.

5 Sections 371IB to 371IE are to be omitted.

6 Section 371IH(11)(a) is to be read ignoring the modification in section 18HC(b) above.

7 In section 371IJ references to the relevant corporation tax accounting period are to be read as references to period X and subsection (6) is to be omitted.