Section 470 | Section 469: supplementary provisions

(1)For the purposes of conditions D and E in section 469 assets are taken to be of the same kind if they—

(a)are treated as being of the same kind by the practice of any recognised stock exchange, or

(b)would be so treated if dealt with on such an exchange.

(2)For the purposes of condition E in section 469 an asset is beneficially owned by a connected company if there is a connection between—

(a)the company which beneficially owns it, and

(b)a company which stands in the position of a debtor as respects the money debt by reference to which any loan relationship represented by that asset exists.

(3)Whether there is a connection for the purposes of subsection (2) at any time in an accounting period (“the relevant time”) is determined in accordance with section 466(2), (3), (5) and (6)—

(a)applying the conditions in section 466(2) only at the relevant time, and

(b)ignoring section 468.