Section 372 — Corporation Tax Act 2009: Introduction to Chapter

Introduction to Chapter 372 1 This Chapter makes provision about the debits to be brought into account for the purposes of this Part in cases where certain conditions relating to interest that is not paid or is paid late are met and there is a connection between the parties to the loan relationship.

2 For those conditions and the rule that applies in those cases, see section 373 (late interest treated as not accruing until paid in some cases).

3 For the kinds of connections where the rule applies, see—

a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b section 375 (loans to close companies by participators etc),

and c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d section 378 (loans by trustees of occupational pension schemes).

4 For the meaning of “standing in the position of a creditor” in this Chapter, see section 379(1) (persons indirectly standing in the position of creditor).