Section 1217LB | Transactions not entered into for genuine commercial reasons

(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.