Section 352A — Corporation Tax Act 2009: Exclusion of credits on reversal of disregarded loss

Exclusion of credits on reversal of disregarded loss 352A 1 If as a result of section 352 the debits brought into account by a company in respect of a loan relationship are reduced, no credit is to be brought into account for the purposes of this Part to the extent that it represents the reversal of so much of the loss as was not brought into account as a debit.

2 Nothing in this section affects the credits to be brought into account for the purposes of this Part in respect of exchange gains or losses resulting from a debt.