Section 1217LB — Finance Act 2014: Transactions not entered into for genuine commercial reasons

Transactions not entered into for genuine commercial reasons 1217LB 1 A transaction is to be ignored for the purpose of determining a relief mentioned in subsection (2) so far as the transaction is attributable to arrangements (other than tax avoidance arrangements) entered into otherwise than for genuine commercial reasons.

2 The reliefs mentioned in subsection (1) are—

a any additional deduction which a company may make under this Part, and b any theatre tax credit to be given to a company.

3 In this section “ arrangements ” and “ tax avoidance arrangements ” have the same meaning as in section 1217LA.