Section 355 — Corporation Tax Act 2009: Cessation of connection

Cessation of connection 355 1 This section applies if, in the case of a creditor relationship of a company—

a an impairment loss or release debit is excluded by section 354 from being brought into account for any accounting period, and b there is a later accounting period for which the creditor relationship in respect of the debt is not a connected companies relationship.

2 So far as any amount represents the impairment loss or release debit, no debit may be brought into account in respect of it—

a for the first accounting period within subsection (1)(b), or b for any subsequent such accounting period.