25 Loan relationships: repeal of certain provisions relating to late interest etc
Finance Act 2015 (2015 c 11) | Legislation

Chapter 3
Corporation Tax: General

25  Loan relationships: repeal of certain provisions relating to late interest etc

(1)     Part 5 of CTA 2009 (loan relationships) is amended as follows.

(2)     Omit the following provisions—

(a)     section 374 (connection between debtor and person standing in position of creditor),

(b)     section 377 (party to loan relationship having major interest in other party),

(c)     section 407 (postponement until redemption of debits for connected companies' deeply discounted securities), and

(d)     section 408 (companies connected for section 407).

(3)     In section 372 (introduction to Chapter 8), in subsection (3)—

(a)     omit paragraph (a),

(b)     at the end of paragraph (b), insert “and”, and

(c)     omit paragraph (c) (including the “and” at the end).

(4)     In section 373 (late interest treated as not accruing until paid in some cases), in subsection (1)(b), for “374, 375, 377” substitute “375”.

(5)     In section 406 (introduction to provisions

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