Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 362 — Parties becoming connected where creditor's rights subject to impairment adjustment etc
Parties becoming connected where creditor's rights subject to impairment adjustment etc 362 1 This section applies if— a a company (“D”) is a party to a loan relationship as debtor, and b another…
Section 362A — Corporate rescue: debt released shortly after connection arises
Corporate rescue: debt released shortly after connection arises 362A 1 This section applies if— a the case is one in which section 362 would otherwise apply, b within 60 days after C and D become…
Section 363 — Companies connected for sections 361 to 362A
Companies connected for sections 361 to 362A 363 1 For the purposes of sections 361 to 362A there is a connection between two companies at any time if condition A or B is met at that time. 2…
Section 363A — 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…
Section 364 — Introduction to Chapter
Introduction to Chapter 364 1 This Chapter applies if— a there is (or was) a relevant consortium creditor relationship (see subsection (2)), and b either— i an impairment loss is or has been brought…
Section 365 — Reduction of impairment loss debits where group relief claimed
Reduction of impairment loss debits where group relief claimed 365 1 This section applies for any group accounting period for which there is a net consortium debit. 2 For the purposes of this Chapter…
Section 366 — 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…
Section 367 — Reduction of credits exceeding impairment losses
Reduction of credits exceeding impairment losses 367 1 This section applies if, apart from this section, for any group accounting period— a the total of the impairment losses and release debits…
Section 368 — Reduction of claims where there are earlier net consortium debits
Reduction of claims where there are earlier net consortium debits 368 1 This section applies if— a for any group accounting period there is a claim by the member company or a group member for group…
Section 369 — Carry forward of claims where there are no net consortium debits
Carry forward of claims where there are no net consortium debits 369 1 This section applies if for any group accounting period there is— a a claim by the member company or a group member for group…
Section 370 — Group accounting periods
Group accounting periods 370 1 In this Chapter “ group accounting period ” means— a any accounting period of the member company beginning on or after 1 October 2002, or b any accounting period of a…
Section 371 — Interpretation
Interpretation 371 1 In this Chapter— “ consortium company ” means a trading company, as defined by section 185(1) of CTA 2010, that is owned by a consortium or a holding company that is so owned, “…
Section 372 — 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…
Section 373 — Late interest treated as not accruing until paid in some cases
Late interest treated as not accruing until paid in some cases 373 1 Debits relating to interest payable under a company's debtor relationship are to be brought into account for the purposes of this…
Section 374 — Connection between debtor and person standing in position of creditor
Connection between debtor and person standing in position of creditor 374 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 375 — Loans to close companies by participators etc
Loans to close companies by participators etc 375 1 The case to which this section applies is where— a there is a time in the actual accrual period when the close company conditions are met, and b…
Section 376 — Interpretation of section 375
Interpretation of section 375 376 1 For the purposes of section 375 and this section, Chapter 2 of Part 10 of CTA 2010 (meaning of “close company”) applies with the omission of section 442(a)…
Section 377 — Party to loan relationship having major interest in other party
Party to loan relationship having major interest in other party 377 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 378 — Loans by trustees of occupational pension schemes
Loans by trustees of occupational pension schemes 378 1 The case to which this section applies is where— a the loan is one made by trustees of an occupational pension scheme, and b condition A, B or…
Section 379 — Persons indirectly standing in the position of creditor
Persons indirectly standing in the position of creditor 379 1 For the purposes of this Chapter a person is treated as standing in the position of a creditor as respects a loan relationship if the…
Section 380 — Partnerships involving companies
Partnerships involving companies 380 1 This section applies if— a a trade or business is carried on by a firm, b any of the partners in the firm is a company (a “company partner”), and c a money debt…
Section 381 — Determinations of credits and debits by company partners: general
Determinations of credits and debits by company partners: general 381 1 The credits and debits to be brought into account under section 380(3) are to be determined separately for each company partner…
Section 382 — Company partners using fair value accounting
Company partners using fair value accounting 382 1 This section applies if a company partner uses fair value accounting in relation to its interest in the firm. 2 The credits and debits to be brought…
Section 383 — Lending between partners and the partnership
Lending between partners and the partnership 383 1 This section applies if— a the money debt owed by or to the firm arises from a transaction for the lending of money, and b there is a time in an…
Section 384 — Treatment of exchange gains and losses
Treatment of exchange gains and losses 384 1 Whether credits and debits in respect of exchange gains and losses are to be brought into account by a company partner under this Chapter as a result of…
Section 385 — Company partners' shares where firm owns deeply discounted securities
Company partners' shares where firm owns deeply discounted securities 385 1 This section applies if the firm holds a deeply discounted security. 2 Each partner is treated for the purposes of this…
Section 386 — Overview of Chapter
Overview of Chapter 386 1 This Chapter contains special rules about the treatment of the loan relationships of insurance companies. 2 In particular, it— a provides for special rules to apply for the…
Section 387 — Treatment of deficit on basic life assurance and general annuity business: introduction
Treatment of deficit on basic life assurance and general annuity business: introduction 387 1 Sections 388 to 391 apply for the purposes of the I - E rules instead of Chapters 16 and 16A (non-trading…
Section 388 — Basic rule: deficit set off against income and gains of deficit period
Basic rule: deficit set off against income and gains of deficit period 388 1 The basic rule is that the deficit must be set off against any income and gains of the deficit period which are referable…
Section 389 — Claim to carry back deficit
Claim to carry back deficit 389 1 If the deficit exceeds the income and gains for the deficit period referred to in section 388(1), the company may make a claim for the whole or part of the excess…
Section 390 — Meaning of “available profits”
Meaning of “available profits” 390 1 For the purposes of section 389 the available profits of the company for an accounting period are its BLAGAB non-trading loan relationships profits for the period…
Section 391 — Carry forward of surplus deficit to next accounting period
Carry forward of surplus deficit to next accounting period 391 1 This rule applies if any of the deficit is not— a set off against the income and gains referred to in section 388(1), or b set off…
Section 392 — Exclusion of loan relationships of members of Lloyd's
Exclusion of loan relationships of members of Lloyd's 392 1 This section applies to any loan relationship of a corporate member of Lloyd's. 2 This Part does not apply as respects the relationship so…
Section 393 — General rules for some debtor relationships
General rules for some debtor relationships 393 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 394 — Special rules for some debtor relationships
Special rules for some debtor relationships 394 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 395 — Investment trusts: profits or losses of a capital nature
Investment trusts: profits or losses of a capital nature 395 1 Profits or losses of a capital nature arising to an investment trust from a creditor relationship may not be brought into account as…
Section 396 — Venture capital trusts: profits or losses of a capital nature
Venture capital trusts: profits or losses of a capital nature 396 1 Profits or losses of a capital nature arising to a venture capital trust from a creditor relationship may not be brought into…
Section 397 — Credit unions
Credit unions 397 1 In calculating the income of a credit union for any accounting period, no credit is to be brought into account for the purposes of this Part in respect of a loan relationship of…
Section 398 — Overview of Chapter
Overview of Chapter 398 1 This Chapter sets out rules relating to the holding of particular kinds of securities. 2 In particular, see— a sections 399 to 400C (index-linked gilt-edged securities), aa…
Section 399 — Basic rules
Basic rules 399 1 This section applies if a loan relationship is represented by an index-linked gilt-edged security. 2 The amounts to be brought into account for the purposes of this Part are to be…
Section 400 — Adjustments for changes in index
Adjustments for changes in index 400 1 This section applies if— a an amount to be brought into account for the purposes of this Part in respect of an index-linked gilt-edged security falls to be…
Section 400A — Adjustments for changes in index: relevant hedging schemes
Adjustments for changes in index: relevant hedging schemes 400A 1 This section applies where— a section 400 applies in relation to an amount to be brought into account for an accounting period of a…
Section 400B — Interpretation of section 400A: economic profits and losses
Interpretation of section 400A: economic profits and losses 400B 1 A reference in section 400A to an “economic” profit or loss made by any person in a period is to a profit or loss made by that…
Section 400C — Meaning of “associated with”
Meaning of “associated with” 400C 1 For the purposes of section 400A, a company (“company B”) is associated with company A at a time (“ the relevant time ”) during an accounting period of company A…
Section 401 — Gilt strips
Gilt strips 401 1 This section applies if a loan relationship is represented by— a a strip of a gilt-edged security, or b any other gilt-edged security. 2 Subsections (3) and (4) apply if a person…
Section 402 — Market value of securities
Market value of securities 402 1 References in section 401 to the market value of a security given or received in exchange for another are references to its market value at the time of the exchange.…
Section 403 — Meaning of “strip”
Meaning of “strip” 403 1 In sections 401 and 402 “ strip ”, in relation to a gilt-edged security, means a security issued under the National Loans Act 1968 (c. 13) which meets conditions A, B and C.…
Section 404 — Restriction on deductions etc relating to FOTRA securities
Restriction on deductions etc relating to FOTRA securities 404 1 A company which meets conditions A and B is not to bring into account for the purposes of this Part— a any amount relating to changes…
Section 405 — Certain non-UK residents with interest on 3½% War Loan 1952 Or After
Certain non-UK residents with interest on 3½% War Loan 1952 Or After 405 1 This section applies if— a in any accounting period a non-UK resident company carries on a business in the United Kingdom— i…
Section 406 — Introduction
Introduction 406 1 The following sections deal with deeply discounted securities— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b sections 409 to 411 (deeply discounted securities…