For accounting periods beginning after 31 December 2004, debits and credits that, in accordance with generally accepted accounting practice (GAAP), are recognised in determining the company’s profit or loss for the period (see ¶717-200) are used to calculate a company’s taxable income or deductions resulting from its loan relationships (see ¶717-050). Some debits and credits are disallowed, even though they otherwise arise under a company’s accounting treatment (see ¶717-260¶717-320).

Trading loan relationships

For any loan to which a company is a party for the purposes of a trade it carries on:

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