Section 363A — Corporation Tax Act 2009: Arrangements for avoiding section 361 or 362

Arrangements for avoiding section 361 or 362 363A 1 This section applies in any case where arrangements are entered into and the main purpose, or one of the main purposes, of any party in entering into them (or any part of them) is—

a to avoid an amount being treated as released under section 361 or 362, or b to reduce the amount which is treated as released under section 361 or 362.

2 The arrangements (or part of the arrangements) are not to achieve that effect (so that an amount, or a greater amount, falls to be treated as released under section 361 or 362).

3 In this section “ arrangements ” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).