Section 470 — Corporation Tax Act 2009: Section 469: supplementary provisions

Section 469: supplementary provisions 470 1 For the purposes of conditions D and E in section 469 assets are taken to be of the same kind if they—

a are treated as being of the same kind by the practice of any recognised stock exchange, or b would be so treated if dealt with on such an exchange.

2 For the purposes of condition E in section 469 an asset is beneficially owned by a connected company if there is a connection between—

a the company which beneficially owns it, and b a company which stands in the position of a debtor as respects the money debt by reference to which any loan relationship represented by that asset exists.

3 Whether there is a connection for the purposes of subsection (2) at any time in an accounting period (“ the relevant time ”) is determined in accordance with section 466(2), (3), (5) and (6)—

a applying the conditions in section 466(2) only at the relevant time, and b ignoring section 468.