Section 292 — Corporation Tax Act 2009: Overview of Part

Overview of Part 292 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.

2 For the meaning of “loan relationship” see section 302 and Part 6 (relationships treated as loan relationships etc).

3 For how such profits and deficits are calculated and brought into account, see—

a section 296 (profits and deficits to be calculated using credits and debits given by this Part),

b section 297 (trading credits and debits to be brought into account under Part 3),

c section 299 (charge to tax on non-trading profits),

d section 300 (method of bringing non-trading deficits into account),

e section 301 (calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits),

and f Chapter 16 (non-trading deficits).

4 For the priority of this Part for corporation tax purposes, see Chapter 17.

5 This Part also contains the following Chapters (which mainly relate to the amounts to be brought into account for the purposes of this Part)—

a Chapter 3 (the credits and debits to be brought into account: general),

b Chapter 4 (continuity of treatment on transfers within groups or on reorganisations),

c Chapter 5 (connected companies relationships: introduction and general),

d Chapter 6 (connected companies relationships: impairment losses and releases of debts),

e Chapter 7 (group relief claims involving impaired or released consortium debts),

f Chapter 8 (connected parties relationships: late interest),

g Chapter 9 (partnerships involving companies),

h Chapter 10 (insurance companies),

i Chapter 11 (other special kinds of company),

j Chapter 12 (special rules for particular kinds of securities),

k Chapter 13 (European cross-border transfers of business),

l Chapter 14 (European cross-border mergers),

m Chapter 15 (tax avoidance),

n Chapter 18 (general and supplementary provisions).

6 This Part needs to be read with Part 19 (general exemptions).