SCHEDULE 15 Connected Companies: Releases of Debts
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 15 Connected Companies: Releases of Debts

Section 44

Amendments of section 322 of CTA 2009

1

(1)     Section 322 of CTA 2009 (release of debts: cases where credits not required to be brought into account) is amended as follows.

(2)     In subsection (4), after “release is†insert “not a release of relevant rights and isâ€.

(3)     After that subsection insert—

“(4A)     Relevant rights†has the same meaning for the purposes of this section as it has for the purposes of section 358.â€

Amendments of Chapter 6 of Part 5 of CTA 2009

2

(1)     Chapter 6 of Part 5 of CTA 2009 (connected companies relationships: release of debts etc) is amended as follows.

(2)     In section 353(2)(b) (introduction to Chapter), for “except where the release is a deemed release under section 361 or 362†substitute “subject to some exceptionsâ€.

(3)     In section 358 (exclusion of credits on release of connected companies debts: general)—

(a)     in subsection (1)(a), for “a company's debtor relationship is released,†substitute “a debtor relationship of a company (“Dâ€) is released, andâ€,

(b)     in subsection (2), for “The company†substitute “D†and for “it is a deemed release†substitute

“â¶Ä”

(a)

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