Section 383 | Relevant loan relationship debits

(1)This section applies for the purposes of section 382.

(2)An amount is a “relevant loan relationship debit” if—

(a)it is a debit that is (or apart from this Part would be) brought into account for the purposes of corporation tax in respect of a loan relationship under—

(i)Part 3 of CTA 2009 as a result of section 297 of that Act (loan relationships for purposes of trade), or

(ii)Part 5 of that Act (other loan relationships), and

(b)is not an excluded debit.

(3)A debit is “excluded” for the purposes of subsection (2)(b) if—

(a)it is in respect of an exchange loss (within the meaning of Parts 5 and 6 of CTA 2009), or

(b)it is in respect of an impairment loss.