Changes to the late interest rule after 1 April 2009

Schedule 20 Finance Act 2009 amended the late interest rule for accounting periods beginning on or after 1 April 2009. It inserted new conditions at CTA09/S374(1A), CTA09/S375(4A), and CTA09/S377(2), applying respectively to cases where the creditor is a ‘connected company’ (CFM35860), a close company participator (CFM35870) or a ‘major interest’ company (CFM35920).

In each case the new condition is that the late interest rule will only apply where the creditor is a company that is ‘resident’ in a ‘non-qualifying territory’.

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