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

(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.

(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.

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

(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.

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

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

(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.