Section 18HE | Modification of Chapter 9 of Part 9A of TIOPA 2010 ^F1F2

(1)Chapter 9 of Part 9A of TIOPA 2010 (exemptions for profits from qualifying loan relationships) applies for the purposes of section 18H(2) with the following modifications.^F1F2

(2)In section 371IA(2) and (11) the reference to a chargeable company is to be read as a reference to company X (as is the reference in section 371CB(8)); and references elsewhere in Chapter 9 to company C are to be read as references to company X.^F1F2

(3)For section 371IA(5) there is to be substituted—^F1F2

(5)75% of the profits of each qualifying loan relationship are “exempt” under this Chapter.

(4)In section 371IA(9)(a) the words “or Chapter 8 (solo consolidation)” are to be omitted.^F1F2

(5)Sections 371IB to 371IE are to be omitted.^F1F2

(6)Section 371IH(11)(a) is to be read ignoring the modification in section 18HC(b) above.^F1F2

(7)In section 371IJ references to the relevant corporation tax accounting period are to be read as references to period X and subsection (6) is to be omitted.^F1F2