Section 259NED | Release of connected companies debts

(1)This section is to be read with section 259NEB (relevant debt relief circumstances: introductory).

(2)The circumstances in this section are—

(a)the relevant release takes place in an accounting period for which—

(i)an amortised cost basis of accounting is used in respect of the debtor relationship, and

(ii)the debtor relationship is a connected companies relationship, and

(b)the release is neither—

(i)a deemed release, nor

(ii)a release of relevant rights.