Section 366 — Corporation Tax Act 2009: Effect where credit for release brought into account on amortised cost basis

Effect where credit for release brought into account on amortised cost basis 366 1 This section applies if—

a a company releases liability under a relevant consortium creditor relationship of the company (“the release amount”),

and b the debtor consortium company brings into account an amount in respect of the release for any accounting period in accordance with an amortised cost basis of accounting.

2 An amount equal to the release amount is treated for the purposes of this Chapter as not being a debit brought into account for that period in relation to the relevant consortium creditor relationship.