Section 458 | Co-operative and community benefit societies etc

(1)This section applies where—

(a)apart from this section, an amount would be a tax-interest expense amount or tax-interest income amount of a company as a result of meeting condition A in section 382 or 385 (loan relationships), and

(b)the amount meets that condition only because of section 499 of CTA 2009 (certain sums payable by co-operative and community benefit societies or UK agricultural or fishing co-operatives treated as interest under loan relationship).

(2)The amount is treated as not being a tax-interest expense amount or tax-interest income amount of the company.