Loan relationships

Abortive expenditure

Legislation/Regulatory – CTA2009 s. 329

HMRC Guidance – CFM33060

Accounting basis

Changes in accounting standards, HMRC's powers

Commentary – Tax Reporter ¶717-520

Connected companies

Commentary – Tax Reporter ¶717-320 ; Tax Reporter ¶717-420

HMRC Guidance – CFM35590

Departures from generally accepted accounting practice

Commentary – Tax Reporter ¶717-260

Generally accepted accounting practice

Commentary – Tax Reporter ¶717-200 ; Tax Reporter ¶717-380

HMRC Guidance – CFM33020 ; CFM33060 ; CFM39220

Interest rate etc. reset

Commentary – Tax Reporter ¶717-440

Methods of accounting

Commentary – Tax Reporter ¶717-380

HMRC Guidance – CFM39220

Accounting for credits and debits

Adjustments on change of basis

Legislation/Regulatory – CTA2009 s. 315-319

Amortised cost basis

Legislation/Regulatory – CTA2009 s. 313, 314

HMRC Guidance – CFM33130 ; CFM33210 ; CFM37670 ; CFM41050 ; CFM45030

Amounts not fully recognised for accounting purposes

Legislation/Regulatory – CTA2009 s. 311, 312, 440(2)(g), 455A

HMRC Guidance – CFM33120 ; CFM39210 ; CFM39220 ; CFM39230 ; CFM39240 ; CFM56110

Basis of accounting

Legislation/Regulatory – CTA2009 s. 313

Capital expenditure

Legislation/Regulatory – CTA2009 s. 320

Cessation of loan relationship

Legislation/Regulatory – CTA2009 s. 318

HMRC Guidance – CFM76050

Change of carrying value

Legislation/Regulatory – CTA2009 s. 316, 317

HMRC Guidance – CFM34050 ; CFM34100 ; CFM37720 ; CFM38180 ; CFM39230 ; CFM73290 ; CFM76040

Companies without GAAP-compliant accounts

Legislation/Regulatory – CTA2009 s. 309

HMRC Guidance – CFM33100 ; CFM46210

Derecognition

Legislation/Regulatory – CTA2009 s. 311, 312, 440(2)(g), 455A

Equity or shareholders' funds

Legislation/Regulatory – CTA2009 s. 321

HMRC Guidance – CFM33170 ; CFM52050 ; CFM95980

Fair value

Legislation/Regulatory – CTA2009 s. 313

Fair value accounting

Legislation/Regulatory – CTA2009 s. 313

Imported losses

Legislation/Regulatory – CTA2009 s. 327

HMRC Guidance – CFM33250 ; CFM33260 ; PIM4115

Insolvency

Legislation/Regulatory – CTA2009 s. 322(6), 323

HMRC Guidance – CFM33190 ; CFM35840

Opening and closing values

Legislation/Regulatory – CTA2009 Sch. 2, para. 54

Release of debts

Legislation/Regulatory – CTA2009 s. 322 ; FA2010 Sch. 15, para. 3, 4

HMRC Guidance – CFM33190 ; CFM33200 ; CFM33201 ; CFM33202 ; CFM33203 ; CFM33204 ; CFM33205 ; CFM35420 ; CFM35510 ; CFM35560 ; CFM35590 ; CFM41080 ; CFM95990 ; CH21580

Revaluation of assets

Legislation/Regulatory – CTA2009 s. 324

HMRC Guidance – CFM33210 ; CFM33230 ; CFM41040 ; CFM41050 ; INTM167170

Reversal of disallowed debits

Legislation/Regulatory – CTA2009 s. 325

HMRC Guidance – CFM33210

Rules differing from generally accepted accounting practice

Legislation/Regulatory – CTA2009 s. 320-327

Writing-off government investments

Legislation/Regulatory – CTA2009 s. 326

HMRC Guidance – CFM33240

Accounting methods

Amounts recognised in determining company's profit or loss

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 14-17, 66 ; SI 2004/3256 reg. 11

Change in accounting standards

Legislation/Regulatory – CTA2009 s. 465A

Change of accounting basis applicable to assets or liabilities

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 10-13, 76 ; FA2005 s. 82 ; SI 2004/3271

Connected parties

Legislation/Regulatory – IRInt. 164

Deferment of transitional adjustments

Legislation/Regulatory – FA2005 s. 82

Fair value accounting

Legislation/Regulatory – SI 2005/3422

Generally

Commentary – Quick Overview ¶25000 ; Quick Overview ¶25100

Accrual of purchase discount on loan repayable on demand

Legislation/Regulatory – IRInt. 164

Alternative finance arrangements

– see also Alternative finance arrangements

Generally

Commentary – Tax Reporter ¶718-250

Amendments of Parts 5 and 6 of CTA 2009

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 1

Anti-avoidance provisions

Double charge, avoidance of

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 23, 71

Mandatory convertibles

Legislation/Regulatory – FA2006 Sch. 6, para. 10(4)-(7)

HMRC Guidance – CTM36610

Repo and stock lending arrangements

Legislation/Regulatory – SI 2007/2483

Anti-avoidance provisions, interaction with

Commentary – Tax Reporter ¶718-180

Application of Finance Act 1996, Sch. 9, para. 13 to debit arising under FA 1996, Sch. 9, para. 19A

Case Law – Fidex Ltd v Revenue and Customs Commissioners [2014] BTC 530 ; Fidex Ltd v Revenue and Customs Commissioners [2016] BTC 16

Assignment of contingent third-party debt claims

Case Law – GDF Suez Teesside Ltd (Formerly Teesside Power Ltd) [2015] TC 04590

Assignment of right to interest under the loan to another group company

Case Law – Greene King plc & Anor v Revenue and Customs Commissioners [2016] BTC 35

Associated companies

Case Law – Jacobs Construction (Holdings) Ltd; Comserv (UK) Ltd [2016] TC 05304

Authorised investment funds

Commentary – Tax Reporter ¶782-070 ; Tax Reporter ¶782-410

Authorised investment trusts

Legislation/Regulatory – IRInt. 265

Authorised unit trusts

Commentary – Tax Reporter ¶718-000

Bad debts/impairment

Connected party situations

Commentary – Tax Reporter ¶717-320

HMRC Guidance – CFM35590

Consortium relief

Commentary – Tax Reporter ¶717-244

Creditors in liquidation

Commentary – Tax Reporter ¶717-248

Equity swaps

Commentary – Tax Reporter ¶717-252

Generally

Commentary – Tax Reporter ¶717-240 ; Tax Reporter ¶717-244

HMRC Guidance – CFM31140

Writing-off government investment

Commentary – Tax Reporter ¶717-240

HMRC Guidance – CFM31140

Bad or doubtful debts

Relieved before commencement

Legislation/Regulatory – FA96 Sch. 15, para. 16

Basic life assurance and general annuity business, non-trading deficits

Commentary – Tax Reporter ¶717-160

Bringing amounts into account

Commentary – Quick Overview ¶25100

Bringing amounts into account, trading/non-trading

Commentary – Tax Reporter ¶717-100

Building societies

– see Building societies

Calculation of profits and deficits

Legislation/Regulatory – CTA2009 s. 296

Capital expenditure, debits and credits treated as relating to

Commentary – Tax Reporter ¶717-260

Carry back/carry forward claims

Commentary – Quick Overview ¶25100

Ceasing to be party to

Legislation/Regulatory – CTA2009 s. 331, 332

HMRC Guidance – CFM33280 ; CFM33290 ; CFM46010 ; CFM74130 ; CFM76050 ; INTM167210

Ceasing to be resident in UK

Commentary – Tax Reporter ¶717-350

Ceasing to be UK resident

Legislation/Regulatory – CTA2009 s. 333

HMRC Guidance – CFM33300 ; CFM91050

Change of accounting practice

Legislation/Regulatory – FA2005 s. 82 ; SI 2004/3271

Charge to tax

As income

Legislation/Regulatory – CTA2009 s. 295

HMRC Guidance – INTM255470

Non-trading profits

Legislation/Regulatory – CTA2009 s. 299

HMRC Guidance – BIM64295 ; CFM32030 ; CFM51020 ; CFM93010 ; CTM06630 ; GREIT04005 ; GREIT04028

Chargeable assets held after commencement, transitional provisions

Legislation/Regulatory – FA96 Sch. 15, para. 8-11A

Chargeable gains

Collective investment schemes

Commentary – Tax Reporter ¶718-000

General savings

Legislation/Regulatory – FA96 Sch. 15, para. 7

Generally

Commentary – Quick Overview ¶35120

Legislation/Regulatory – TCGA92 s. 251(8)

HMRC Guidance – CG53445 ; CG53446 ; CG54025 ; CG54030 ; CG54125 ; CG54130 ; CG54219

Qualifying corporate bonds

Commentary – Tax Reporter ¶511-300

Traders and their guarantors

Commentary – Tax Reporter ¶511-150

Charitable companies, exemption for non-trading profits

Legislation/Regulatory – CTA2010 s. 486

Civil proceedings for recovery of property

Legislation/Regulatory – PCA2002 Sch. 10, para. 9

Claims

Carry-back of non-trading deficits

Commentary – Tax Reporter ¶717-150

Carry-forward as non-trading debit of next accounting period

Commentary – Tax Reporter ¶717-150

Carry-forward of deficit to next accounting period

Commentary – Tax Reporter ¶717-150

Group relief

Commentary – Tax Reporter ¶717-150

Sideways relief

Commentary – Tax Reporter ¶717-150

Close companies

Deeply discounted securities

Legislation/Regulatory – CTA2009 s. 406, 409-411

Loans to participators

Legislation/Regulatory – CTA2009 s. 321A, 375, 376

Close company loan to participator

Commentary – Quick Overview ¶25000

Collective investment scheme

Commentary – Tax Reporter ¶718-000

Commencement and transitional provisions

Anti-avoidance provisions etc

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 111

Generally

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 102

Sections 321, 349 and 605 of CTA 2009

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 106

Straddling accounting periods treated as split for certain purposes

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 125

Transitional adjustments relating to derivative contracts

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 120

Transitional provision relating to abolition of 'fairly represents' test

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 126

Transitional provision relating to fixed capital asset or project

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 128

Commercial rate of interest

Commentary – Tax Reporter ¶717-050

HMRC Guidance – CFM31040 ; CFM83160

Case Law – HSBC Life (UK) Ltd v Stubbs (HMIT); Nationwide Life Ltd v Crisp (HMIT); Abbey Life Assurance Co Ltd v Colclough (HMIT); TSB Life Ltd v Colclough (HMIT); Lloyds TSB Life Assurance Co Ltd v Colclough (HMIT)

Company is not, or has ceased to be, party to loan relationship

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 23-30 ; para. 71

Company migrations

Commentary – Tax Reporter ¶717-350

Company with investment business, restrictions on relief

Carry forward of non-trading deficit

Legislation/Regulatory – CTA2010 s. 680, 697

Debits to be brought into account

Legislation/Regulatory – CTA2010 s. 679, 696, 730

Connected companies

Amortised cost basis, application

Legislation/Regulatory – CTA2009 s. 349

HMRC Guidance – CFM33130 ; CFM34090 ; CFM35030 ; CFM35170 ; CFM35420 ; CFM35505 ; CFM57300 ; CFM61130 ; CFM76020 ; CFM76040

Beginning to be connected

Legislation/Regulatory – CTA2009 s. 350

HMRC Guidance – CFM33140 ; CFM34090 ; CFM34100 ; CFM34150 ; CFM35180 ; CFM35480 ; CFM35490 ; CFM35505 ; CFM76020

Ceasing to be connected

Legislation/Regulatory – CTA2009 s. 351

HMRC Guidance – CFM35170 ; CFM76020

Close company loans to participators

Legislation/Regulatory – CTA2009 s. 375, 376

Corporate rescue exception

Legislation/Regulatory – CTA2009 s. 361A ; F(No. 2)A2015 Sch. 7, para. 37-38 ; FA2010 Sch. 15, para. 3, 4

Debt-for-debt exception

Legislation/Regulatory – CTA2009 s. 361B ; FA2010 Sch. 15, para. 3, 4

Deemed debt releases on impaired debts

Legislation/Regulatory – CTA2009 s. 361-363A ; FA2012 s. 23(4)-(12)

HMRC Guidance – CFM33205 ; CFM35430 ; CFM35440 ; CFM35450 ; CFM35460 ; CFM35470 ; CFM35505 ; CFM35510 ; CFM35530 ; CFM35540 ; CFM35580 ; CFM35590 ; CFM35595

Deeply discounted securities

Legislation/Regulatory – CTA2009 s. 406-408

Equity-for-debt exception

Legislation/Regulatory – CTA2009 s. 361C ; FA2010 Sch. 15, para. 3, 4

Exclusion of credits on release or reversal of impairments

Legislation/Regulatory – CTA2009 s. 358-363 ; F(No. 2)A2015 Sch. 7, para. 31-36 ; FA2010 Sch. 15, para. 3, 4

HMRC Guidance – CFM33205 ; CFM35320 ; CFM35330 ; CFM35380 ; CFM35420 ; CFM35440 ; CFM35510 ; CFM35520 ; CFM35525 ; CFM35540 ; CFM35550 ; CFM35560 ; CFM35570 ; CFM41070 ; CFM41080 ; CFM74160

Exclusion of debits for impaired or released debts

Legislation/Regulatory – CTA2009 s. 353-357 ; F(No. 2)A2015 Sch. 7, para. 23 ; para. 71

HMRC Guidance – CFM35310 ; CFM35320 ; CFM35410 ; CFM35420 ; CFM35840

Generally

Legislation/Regulatory – IRInt. 164

Late interest

Legislation/Regulatory – CTA2009 s. 372-379

HMRC Guidance – CFM35860 ; CFM35980 ; CTM08850

Meaning

Legislation/Regulatory – CTA2009 s. 348

HMRC Guidance – CFM35110 ; CFM35160 ; CFM35330 ; CFM35420 ; CFM35610 ; CFM37750 ; CFM81010

Occupational pension schemes, trustees

Legislation/Regulatory – CTA2009 s. 378

HMRC Guidance – CFM35860 ; CFM35950

Related transactions, disregard of

Legislation/Regulatory – CTA2009 s. 352

HMRC Guidance – CFM35340 ; CFM35460

Connected parties

Commentary – Quick Overview ¶25000

Connected party situations

Ceasing to be connected

Commentary – Tax Reporter ¶717-332

Debits exceeding credits

Commentary – Tax Reporter ¶717-328

Impairment debts and impairment losses

Commentary – Tax Reporter ¶717-320 ; Tax Reporter ¶718-120

HMRC Guidance – CFM35590

Consortium relief, bad debts/impairment

Commentary – Tax Reporter ¶717-244

Contracts for financial futures, transactions by insurance companies

Controlled foreign companies

– see Controlled foreign companies (CFCs)

Convertible securities

Legislation/Regulatory – FA2004 Sch. 10, para. 9(2), (3) ; FA2011 s. 29 ; FA96 Sch. 15, para. 21

Corporation tax

Case Law – C J Wildbird Foods Ltd [2018] TC 06556

Counteracting effect of avoidance arrangements

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 51, 94

Credit not taxable on release of liability

Commentary – Quick Overview ¶25000

Credit unions

Legislation/Regulatory – CTA2009 s. 397

Creditor relationship, meaning

Legislation/Regulatory – CTA2009 s. 302

HMRC Guidance – CFM1107 ; CFM31010 ; CFM40110 ; CFM41010 ; CFM92060 ; CTM47535 ; INTM216750 ; INTM216800 ; INTM218805

Credits and debits brought into account

Accounting bases

Legislation/Regulatory – CTA2009 s. 313-314

Adjustments on change of accounting basis

Legislation/Regulatory – CTA2009 s. 315-319

Amounts recognised in determining profit or loss

Legislation/Regulatory – CTA2009 s. 308-312

HMRC Guidance – CFM30170 ; CFM33100 ; CFM33140 ; CFM33150 ; CFM37680 ; CFM39230 ; CFM61160 ; CFM76010 ; CFM76020 ; CFM76030

Companies without GAAP-compliant accounts

Legislation/Regulatory – CTA2009 s. 309

Disregard of pre-2005 disallowed debits

Legislation/Regulatory – CTA2009 Sch. 2, para. 62

General principles

Legislation/Regulatory – CTA2009 s. 307

HMRC Guidance – CFM30170 ; CFM33020 ; CFM33040 ; CFM33060 ; CFM33070 ; CFM33100 ; CFM33220 ; CFM37770 ; CFM55310 ; CFM61060 ; CFM72140 ; CFM76020 ; CFM91040 ; CTM49640

Generally

Legislation/Regulatory – CTA2009 s. 297, 306

HMRC Guidance – BIM64245 ; CFM32020 ; CFM77650 ; GREIT04025

Overseas sovereign debts

Legislation/Regulatory – CTA2009 Sch. 2, para. 63

Reversal of debits, restriction

Legislation/Regulatory – CTA2009 Sch. 2, para. 61

Rules differing from generally accepted accounting practice

Legislation/Regulatory – CTA2009 s. 320-327

Cross-border transfers of business and mergers

Legislation/Regulatory – TIOPA2010 s. 116-121

DCC holdings

Case Law – Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424

De-recognised for accounting purposes

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Debit not arising from derivative contract

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Debit not reflecting fair representation of loss from transactions

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Debit relating to 'tracker shares' linked to in the money swap receipts

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Debit representing cost of shares in respect of loan relationship with a subsidiary

Case Law – Stagecoach Group plc & Anor [2016] TC 04866

Debits and credits brought into account

Commentary – Tax Reporter ¶289-045 ; Tax Reporter ¶717-200

Legislation/Regulatory – PCA2002 Sch. 10, para. 9

HMRC Guidance – CFM33020 ; CFM33060

Debits and credits brought into account, creditor in liquidation

Case Law – Kahn & Anor v Inland Revenue Commissioners. [1999] BTC 367 ; Kahn & Anor v Inland Revenue Commissioners. [2002] BTC 69 ; Kahn v Inland Revenue Commissioners. [2000] BTC 96

Debt capping rules, worldwide groups

– see Financing costs and income

Debtor relationship, meaning

Legislation/Regulatory – CTA2009 s. 302

Deductible debit

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Deduction of tax at source

Legislation/Regulatory – IRInt. 199

Deemed release of liability

Commentary – Quick Overview ¶25000

Deep discount securities

Legislation/Regulatory – FA96 Sch. 15, para. 19(3)-(12) ; FA99 s. 67(6)-(8)

Deep gain securities

Generally

Legislation/Regulatory – FA96 Sch. 15, para. 20

Qualifying indexed securities

Legislation/Regulatory – FA96 Sch. 15, para. 27-29

Deeply discounted securities

Accounting periods pre-1 April 2007

Legislation/Regulatory – CTA2009 Sch. 2, para. 65

Close companies

Legislation/Regulatory – CTA2009 s. 406, 409-411, Sch. 2, para. 65

Connected companies

Legislation/Regulatory – CTA2009 s. 406-408

Partnerships

Legislation/Regulatory – CTA2009 s. 385

Persons indirectly standing in position of creditor

Legislation/Regulatory – CTA2009 s. 412

Pre-1 October 2002

Legislation/Regulatory – CTA2009 Sch. 2, para. 59, 60

Derecognition

Commentary – Quick Overview ¶25000

Derivative contracts

– see Derivative contracts

Derivatives

Connected debtor and creditor, debits exceeding credits

Legislation/Regulatory – FA2011 s. 29

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 415-417, Sch. 2, para. 64

Discounted securities

– see also Discounted securities

Chargeable gains

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Generally

Commentary – Tax Reporter ¶717-324 ; Tax Reporter ¶718-150

HMRC Guidance – CFM35830

Disguised interest

Excluded shares

Legislation/Regulatory – CTA2009 s. 486E

Exclusion where arrangement has no tax avoidance motive

Legislation/Regulatory – CTA2009 s. 486D ; F(No. 2)A2015 Sch. 7, para. 51

Exclusion where return otherwise taxable

Legislation/Regulatory – CTA2009 s. 486C

Generally

Commentary – Quick Overview ¶25000

Legislation/Regulatory – CTA2009 s. 486A ; FA2009 Sch. 24, para. 11-16

Regarded as profit from

Legislation/Regulatory – CTA2009 s. 486B

Shares accounted for as liabilities

Legislation/Regulatory – CTA2009 s. 521A-521F

Disguised interest rules

Controlled foreign companies

Commentary – Tax Reporter ¶718-400 ; Tax Reporter ¶768-220

Generally

Commentary – Tax Reporter ¶718-400

Disposals for consideration not fully recognised

Commentary – Tax Reporter ¶717-260

Disregard of foreign tax referable to interest under

Generally

Legislation/Regulatory – TIOPA2010 s. 108

HMRC Guidance – INTM167120 ; INTM167210

Repos, exception for

Legislation/Regulatory – TIOPA2010 s. 109

Stock lending, exception for

Legislation/Regulatory – TIOPA2010 s. 110

Distributions

Commentary – Tax Reporter ¶717-360

HMRC Guidance – CFM61120

Double taxation relief

Commentary – Tax Reporter ¶717-360

HMRC Guidance – CFM61120

Effect of assignment on recognition of loan in accounts of assignor company

Case Law – Greene King plc & Anor v Revenue and Customs Commissioners [2016] BTC 35

Embedded derivatives

Legislation/Regulatory – CTA2009 s. 415-418, Sch. 2, para. 64

Embedded rights and liabilities to financial or equity instruments

Commentary – Tax Reporter ¶717-670

HMRC Guidance – CFM37660

European company (SE)

Commentary – Tax Reporter ¶772-120

European cross-border mergers

– see European cross-border mergers

European cross-border transfers of business

– see European cross-border transfers

Exchange gains and losses

– see Foreign exchange gains and losses

Expenses

Commentary – Tax Reporter ¶717-200

HMRC Guidance – CFM33020 ; CFM33060

Fair representation of profits

Case Law – Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424 ; GDF Suez Teesside Ltd (Formerly Teesside Power Ltd) [2015] TC 04590

Financing costs and income

– see Financing costs and income

Financing costs and income of group companies

– see Financing costs and income

Floating rate securities

Case Law – Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424

Foreign exchange gains and losses

– see Foreign exchange gains and losses

Funding bonds

Legislation/Regulatory – CTA2009 s. 413, 414 ; FA2013 Sch. 11, para. 11

GAAP-compliant accounting treatment

Case Law – GDF Suez Teesside Ltd (Formerly Teesside Power Ltd) [2015] TC 04590

Generally

Commentary – Quick Overview ¶25000 ; Tax Reporter ¶701-325 ; Tax Reporter ¶708-465 ; Tax Reporter ¶717-000

Gilt-edged securities

– see also Gilt-edged securities

Index-linked pre-1 January 2005

Commentary – Tax Reporter ¶717-800

HMRC Guidance – CFM37130

Low-coupon gilts

Commentary – Tax Reporter ¶717-900

Strips

Commentary – Tax Reporter ¶717-850

HMRC Guidance – CFM37160

Group mismatch schemes

Controlled foreign companies

Legislation/Regulatory – CTA2010 s. 938M

Economic profits and losses, meaning

Legislation/Regulatory – CTA2010 s. 938F

Finance arrangements

Legislation/Regulatory – CTA2010 s. 938J

Foreign companies and foreign permanent establishments

Legislation/Regulatory – CTA2010 s. 938L

Generally

Legislation/Regulatory – FA2011 s. 30, Sch. 5

HMRC Guidance – CFM77510 ; CTM06005

Group, meaning

Legislation/Regulatory – CTA2010 s. 938E

Losses and profits to be disregarded

Legislation/Regulatory – CTA2010 s. 938A

Meaning

Legislation/Regulatory – CTA2010 s. 938B

Provisions treated as of no effect

Legislation/Regulatory – CTA2010 s. 938N

Relevant tax advantage, meaning

Legislation/Regulatory – CTA2010 s. 938D

Repos or quasi-repos

Legislation/Regulatory – CTA2010 s. 938I

Scheme group, meaning

Legislation/Regulatory – CTA2010 s. 938B

Scheme loss, meaning

Legislation/Regulatory – CTA2010 s. 938C

Scheme period, meaning

Legislation/Regulatory – CTA2010 s. 938D

Scheme profit, meaning

Legislation/Regulatory – CTA2010 s. 938C

Scheme, meaning

Legislation/Regulatory – CTA2010 s. 938H

Tax capacity assumption

Legislation/Regulatory – CTA2010 s. 938G

Trading income

Legislation/Regulatory – CTA2010 s. 938K

Group of companies, novation of liabilities

Case Law – Greene King No. 1 Ltd v Aide (HMIT) (2005) Sp C 465

Group relief

Bad debts/impairment

Commentary – Tax Reporter ¶717-240 ; Tax Reporter ¶717-244

HMRC Guidance – CFM31140

Generally

Commentary – Tax Reporter ¶717-150

Group relief, impaired or released consortium debts

Accounting periods

Legislation/Regulatory – CTA2009 s. 370

HMRC Guidance – CFM35620

Carry forward of claims where no net consortium debits

Legislation/Regulatory – CTA2009 s. 369

HMRC Guidance – CFM35610 ; CFM35710

Credit for release brought into account on amortised cost basis

Legislation/Regulatory – CTA2009 s. 366

HMRC Guidance – CFM35660

Generally

Legislation/Regulatory – CTA2009 s. 364

HMRC Guidance – CFM35610 ; CFM35620 ; CFM35670

Interpretation

Legislation/Regulatory – CTA2009 s. 371

Reduction of claims where earlier net consortium debits

Legislation/Regulatory – CTA2009 s. 368

HMRC Guidance – CFM35610 ; CFM35700 ; CFM35710

Reduction of credits exceeding impairment losses

Legislation/Regulatory – CTA2009 s. 367

HMRC Guidance – CFM35610 ; CFM35680

Reduction of loss debits

Legislation/Regulatory – CTA2009 s. 365

HMRC Guidance – CFM35610 ; CFM35640 ; CFM35670 ; CFM35680 ; CFM35700 ; CFM35710

Groups

Intra-group transactions

Commentary – Tax Reporter ¶717-340

HMRC Guidance – CFM34030

Mismatch rules

Commentary – Tax Reporter ¶717-348

HMRC Guidance – CFM77710

Groups of companies, restriction of deduction for financing costs and income

– see Financing costs and income

Groups of companies, transfers between

Fair value accounting

Legislation/Regulatory – CTA2009 s. 341

Generally

Legislation/Regulatory – CTA2009 s. 335-339, Sch. 2, para. 58

HMRC Guidance – CFM34080

Notional carrying value

Legislation/Regulatory – CTA2009 s. 340

Transferee leaving group

Legislation/Regulatory – CTA2009 s. 344-346

HMRC Guidance – CFM34110 ; CFM34130 ; CFM34150 ; CFM72600 ; CFM72660

Imported losses

Commentary – Tax Reporter ¶717-350

Imputed interest

Commentary – Tax Reporter ¶717-360 ; Tax Reporter ¶718-080

HMRC Guidance – CFM61120

Incidental costs of loan finance

Commentary – Tax Reporter ¶717-200

HMRC Guidance – CFM33020 ; CFM33060

Income stream transfers

Commentary – Tax Reporter ¶718-350

Industrial assurance business

Legislation/Regulatory – ICTA88 Sch. 15, para. 8A

Insolvency, corporate rescue etc

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 107

Insurance companies

Basic life assurance and general annuity business

Commentary – Tax Reporter ¶717-160 ; Tax Reporter ¶718-050

Generally

Commentary – Tax Reporter ¶718-050

I - E basis

Legislation/Regulatory – FA2012 s. 88

Loss relief

Legislation/Regulatory – FA2012 s. 126

Inter-company transactions, deductions

Case Law – MJP Media Services Ltd [2010] TC 00586 ; MJP Media Services Ltd v Revenue and Customs Commissioners. [2011] BTC 1,857 ; MJP Media Services Ltd v Revenue and Customs Commissioners. [2012] BTC 477

Interest coupons recognised in accounts during repo term

Case Law – Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424

Interest on overpaid/underpaid tax

Commentary – Tax Reporter ¶717-100 ; Tax Reporter ¶717-600

Interest payable, deferral

Commentary – Tax Reporter ¶717-324

HMRC Guidance – CFM35830

Interest under, meaning

Legislation/Regulatory – CTA2009 s. 305

HMRC Guidance – CFM31120

Interpretation of section 455B

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 51

Interpretation of section 698B

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 94

Intra group forward subscription agreement

Case Law – Stagecoach Group plc & Anor [2016] TC 04866

Investment companies functional currency

Legislation/Regulatory – CTA2010 s. 328)(2A)

Investment life insurance contracts

– see Investment life insurance contracts

Investment life insurance contracts, gains on

Commentary – Tax Reporter ¶718-070

Investment trusts

Creditor relationships, accounting methods

Legislation/Regulatory – SI 2001/391

Generally

Commentary – Tax Reporter ¶718-000 ; Tax Reporter ¶782-875

Legislation/Regulatory – CTA2009 s. 395 ; SI 2011/2099 reg. 39

Judgments, interest on

Commentary – Tax Reporter ¶718-080

Legislation/Regulatory – FA98 Sch. 4, para. 7

HMRC Guidance – CTM92320

Late interest rules

Connected companies

Commentary – Tax Reporter ¶717-324

HMRC Guidance – CFM35830

Deduction of tax

Commentary – Tax Reporter ¶717-530

Occupational pension scheme trustees

Commentary – Tax Reporter ¶717-324

HMRC Guidance – CFM35830

Late paid interest

Commentary – Quick Overview ¶25000

Legal and accounting concepts

Case Law – Abbey National Treasury Services plc [2015] TC 04525 ; Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424

Life insurance contracts, gains on

Commentary – Tax Reporter ¶718-070

Limits on/reduction of credit for foreign tax

Current year's non-trading deficits

Legislation/Regulatory – TIOPA2010 s. 55

Deductions, allocation of

Legislation/Regulatory – TIOPA2010 s. 52

HMRC Guidance – INTM167250 ; INTM167260 ; INTM167270 ; INTM167280 ; INTM167290 ; INTM167300 ; INTM167310 ; INTM167320 ; INTM168065

Earlier years' non-trading deficits

Legislation/Regulatory – TIOPA2010 s. 53

Generally

Legislation/Regulatory – TIOPA2010 s. 50

Non-trading debits

Legislation/Regulatory – TIOPA2010 s. 54

HMRC Guidance – INTM167090

Liquidation, creditors in

Commentary – Tax Reporter ¶717-248

Lloyd's underwriters

Commentary – Tax Reporter ¶718-050

Legislation/Regulatory – CTA2009 s. 392

Mandatory convertibles

Legislation/Regulatory – FA2006 Sch. 6, para. 10(4)-(7)

Manufactured dividends and interest

Generally

Legislation/Regulatory – CTA2009 s. 539, 540

HMRC Guidance – CFM46050 ; CFM46070 ; CFM74340 ; CFM92460

Overseas securities

Legislation/Regulatory – SI 1993/2004 reg. 2B

Manufactured interest

Commentary – Tax Reporter ¶717-950

Case Law – DCC Holdings (UK) Ltd v Revenue and Customs Commissioners. [2009] BTC 724

Matched, meaning

Legislation/Regulatory – CTA2009 s. 475B

Matters in respect of which amounts are to be brought into account

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 3-9

Matters treated as

Legislation/Regulatory – CTA2009 s. 294

HMRC Guidance – CFM30200 ; CFM40110 ; CFM92820

Meaning

Commentary – Tax Reporter ¶717-050

Legislation/Regulatory – CTA2009 s. 302

HMRC Guidance – CFM31040 ; CFM83160

Migrations

Commentary – Tax Reporter ¶717-350

Money debt, meaning

Legislation/Regulatory – CTA2009 s. 303

HMRC Guidance – CFM30140 ; CFM31020 ; CFM31030 ; CFM31050 ; CFM31060 ; INTM216750

Money debts

Discounts

Commentary – Tax Reporter ¶718-080

Exchange gains and losses

Commentary – Tax Reporter ¶718-080

Generally

Commentary – Quick Overview ¶25000

Impairment losses

Commentary – Tax Reporter ¶718-080

Imputed interest on transfer pricing adjustments

Commentary – Tax Reporter ¶718-080

Interest on judgments

Commentary – Tax Reporter ¶718-080

Interest on tax

Commentary – Tax Reporter ¶718-080

Meaning

Commentary – Tax Reporter ¶717-050

HMRC Guidance – CFM31040 ; CFM83160

Non-lending relationships

Commentary – Tax Reporter ¶718-080

No profit recognised in accounts

Case Law – GDF Suez Teesside Ltd (Formerly Teesside Power Ltd) [2015] TC 04590

Non-lending relationships

Amounts to be brought into account

Legislation/Regulatory – CTA2009 s. 482

HMRC Guidance – CFM41110

Discounts on disposals pre-22 March 2006

Legislation/Regulatory – CTA2009 Sch. 2, para. 72A

Exchange gains and losses treated as money debts

Legislation/Regulatory – CTA2009 s. 483

Exclusions

Legislation/Regulatory – CTA2009 s. 485, 486

HMRC Guidance – CFM41130 ; CFM42040 ; CFM42080 ; CFM42120 ; CFM61100

Generally

Legislation/Regulatory – CTA2009 s. 478

HMRC Guidance – CFM92465

Interest, meaning

Legislation/Regulatory – CTA2009 s. 484

HMRC Guidance – CFM33040 ; CFM41010

Involving discounts

Legislation/Regulatory – CTA2009 s. 480, Sch. 2, para. 72, 72A

HMRC Guidance – CFM34070 ; CFM34080 ; CFM40120 ; CFM41010 ; CFM41100 ; CFM41110

Money debt, meaning

Legislation/Regulatory – CTA2009 s. 484

Not involving discounts

Legislation/Regulatory – CTA2009 s. 479

HMRC Guidance – CFM35440 ; CFM35965 ; CFM40120 ; CFM41010 ; CFM41020 ; CFM41090 ; CFM41110 ; CFM92460 ; CFM98660 ; CFM98690 ; COM128001 ; CTM92320

Relevant matters

Legislation/Regulatory – CTA2009 s. 481

HMRC Guidance – CFM34070 ; CFM41010 ; CFM41020 ; CFM41060 ; CFM41090 ; CFM41110 ; CFM50060 ; CFM61090 ; CFM62230 ; CFM62630 ; CTM06260 ; GIM9100

Non-trading

Commentary – Quick Overview ¶25100

Non-trading deficits

Brought into account

Legislation/Regulatory – CTA2009 s. 300

Calculation

Legislation/Regulatory – CTA2009 s. 301

HMRC Guidance – CFM32030 ; CFM36020 ; GREIT04025

Generally

Legislation/Regulatory – CTA2009 s. 463A

Set off deficit against profits of deficit period

Legislation/Regulatory – CTA2009 s. 463B-463G, 463I

Non-trading deficits, relief

Commentary – Tax Reporter ¶717-150

Non-trading profits

Calculation

Legislation/Regulatory – CTA2009 s. 301

Carry forward of unrelieved deficit

Legislation/Regulatory – CTA2009 s. 463H

Charge to tax

Legislation/Regulatory – CTA2009 s. 299

Non-UK resident ceasing to hold loan relationship for permanent establishment

Legislation/Regulatory – CTA2009 s. 334

HMRC Guidance – CFM33300 ; CFM34010

Notional closing values of relevant assets

Legislation/Regulatory – FA96 Sch. 15, para. 12

Notional interest

Legislation/Regulatory – FA98 Sch. 4, para. 7

Offshore funds

Commentary – Tax Reporter ¶718-000 ; Tax Reporter ¶783-440

Legislation/Regulatory – SI 2009/3001 reg. 80-89

Oil extraction activities, calculation of profits

Legislation/Regulatory – CTA2010 s. 286, 287

Open-ended investment companies

Generally

Commentary – Tax Reporter ¶718-000

Options

Commentary – Tax Reporter ¶717-260

Legislation/Regulatory – CTA2009 s. 420

Overpaid/underpaid tax, interest on

Commentary – Tax Reporter ¶717-100 ; Tax Reporter ¶717-600

Overview

Legislation/Regulatory – CTA2009 s. 292

Partnerships

Involving companies

Commentary – Tax Reporter ¶718-200

Structured finance arrangements

Commentary – Tax Reporter ¶718-300

Partnerships involving companies

– see Partnerships

Party to loan relationships represented by gilts

Case Law – DCC Holdings (UK) Ltd v Revenue and Customs Commissioners. [2008] BTC 755

Payment under, meaning

Legislation/Regulatory – CTA2009 s. 305

Payments subject to deduction of tax

Commentary – Tax Reporter ¶717-530

Pre-commencement, adjustments in respect of

Legislation/Regulatory – FA96 Sch. 15, para. 5, 6

Pre-trading expenditure

Legislation/Regulatory – CTA2009 s. 330

HMRC Guidance – BIM60620 ; BIM64325 ; CFM32100 ; CFM33060

Price of shares calculated by reference to inter-company loan relationship

Case Law – Stagecoach Group plc & Anor [2016] TC 04866

Profits and gains, bringing amounts into account

Commentary – Tax Reporter ¶717-100

Profits or losses, construction of references to

Legislation/Regulatory – CTA2009 s. 293

HMRC Guidance – CFM30170 ; CFM33160 ; CFM35340 ; CFM35350

Profits realised on loan notes, appropriation to share premium account

Case Law – Vocalspruce Ltd v Revenue and Customs Commissioners. [2013] BTC 1,889

Proper application of provisions to the assignee company

Case Law – Greene King plc & Anor v Revenue and Customs Commissioners [2016] BTC 35

Provision of shares for transfer pricing purposes

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Purposes of trade, meaning

Legislation/Regulatory – CTA2009 s. 298

HMRC Guidance – BIM40801 ; BLM33115 ; CFM32020 ; CFM51030 ; GIM9090

Qualifying corporate bonds

Generally

Legislation/Regulatory – TCGA92 s. 117(A1)

Transitional provisions

Legislation/Regulatory – FA96 Sch. 15, para. 30

Qualifying indexed securities

Legislation/Regulatory – FA96 Sch. 15, para. 27-29

Related transaction, meaning

Legislation/Regulatory – CTA2009 s. 304

HMRC Guidance – CFM31010 ; CFM31120 ; CFM31130 ; CFM31140 ; CFM34010 ; CFM38110 ; CFM38420 ; CFM41090 ; IPTM3910

Related transactions

Commentary – Tax Reporter ¶717-200

HMRC Guidance – CFM33020 ; CFM33060

Release of loan, covenants in loan agreement

Case Law – Fenlo Ltd v. R & C Commrs (2008) Sp C 714

Relevant non-lending relationships

Commentary – Quick Overview ¶25000

Reorganisations

Legislation/Regulatory – TCGA92 s. 116(4A), (8AA)

Reorganisations, issue of new securities

Disposal at notional carrying value

Legislation/Regulatory – CTA2009 s. 342

Fair value accounting

Legislation/Regulatory – CTA2009 s. 343

Generally

Legislation/Regulatory – CTA2009 s. 339

Repairing balance sheet of group company

Case Law – Stagecoach Group plc & Anor [2016] TC 04866

Repeal of certain provisions relating to late interest etc

Legislation/Regulatory – FA2015 s. 25

Repeal of uncommenced repeal provisions

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 101

Repo arrangements

Commentary – Tax Reporter ¶717-220

HMRC Guidance – CFM74110

Repo over interest coupons

Case Law – Cater Allen International Ltd; Abbey National Treasury Services plc [2015] TC 04424

Repos

– see Sale and repurchase agreements (repos)

Reserves

Commentary – Tax Reporter ¶717-200

HMRC Guidance – CFM33020 ; CFM33060

Reset interest etc.

Commentary – Tax Reporter ¶717-440

Rights or liabilities under, meaning

Legislation/Regulatory – CTA2009 s. 305

Risk transfer schemes

– see also Risk transfer schemes

Generally

Commentary – Tax Reporter ¶717-590

HMRC Guidance – CFM63340 ; CFM63420

Sale and repurchase of gilts, claim for non-trading deficit

Case Law – DCC Holdings (UK) Ltd v Revenue and Customs Commissioners. [2008] BTC 755 ; DCC Holdings (UK) Ltd v Revenue and Customs Commissioners. [2009] BTC 724 ; DCC Holdings (UK) Ltd v Revenue and Customs Commissioners. [2011] BTC 13

Sale and repurchase of securities

– see Sale and repurchase agreements (repos)

Set-off on non-trade deficits

Commentary – Quick Overview ¶25100

Accounted for as liabilities

Commentary – Tax Reporter ¶717-620

Beginning/ceasing to be treated as

Commentary – Tax Reporter ¶717-650

Guaranteed returns (pre-22 April 2009)

Commentary – Tax Reporter ¶717-630

Outstanding third party obligations

Commentary – Tax Reporter ¶717-630

Pre-22 April 2009

Commentary – Tax Reporter ¶717-630 ; Tax Reporter ¶717-640

Transitional rules, commencement of shares as debt legislation

Commentary – Tax Reporter ¶717-650

Shares accounted for as liabilities

Becoming or ceasing to be shares

Legislation/Regulatory – CTA2009 s. 521F ; TCGA92 s. 116B

Conditions shares must meet to be a share

Legislation/Regulatory – CTA2009 s. 521C

Excepted shares

Legislation/Regulatory – CTA2009 s. 521D

Generally

Legislation/Regulatory – CTA2009 s. 521A

Rights under creditor relationship

Legislation/Regulatory – CTA2009 s. 521B

Unallowable purpose

Legislation/Regulatory – CTA2009 s. 521E

Shares with guaranteed returns

Amounts to be brought into account

Legislation/Regulatory – CTA2009 s. 534

HMRC Guidance – CFM45060 ; CFM45120

Ceasing to be treated as

Legislation/Regulatory – CTA2009 s. 535

HMRC Guidance – CFM45270

Generally

Legislation/Regulatory – CTA2009 s. 522, 523 ; TCGA92 s. 116B

HMRC Guidance – CFM45050 ; CFM45060 ; CFM45100 ; CFM45140

Non-qualifying shares

Legislation/Regulatory – CTA2009 s. 526-533 ; TCGA92 s. 151G

HMRC Guidance – CFM45040 ; CFM45110 ; CFM45130 ; CFM50740

Outstanding third party obligations

Legislation/Regulatory – CTA2009 s. 524, 525

HMRC Guidance – CFM45040 ; CFM45050 ; CFM45060 ; CFM45070 ; CFM45080 ; CFM45110 ; CFM45270 ; CFM45280 ; CFM50740

Shari'a compliant financing arrangements

Commentary – Tax Reporter ¶718-250

Shari'a law compliant arrangements

– see Alternative finance arrangements

Sovereign debts

Legislation/Regulatory – FA96 Sch. 15, para. 17

Stock lending

Legislation/Regulatory – CTA2009 s. 332, 541, Sch. 2, para. 66 ; SI 2007/2483

HMRC Guidance – CFM46050

Stock lending transactions

Commentary – Tax Reporter ¶717-220

HMRC Guidance – CFM74110

Structured finance arrangements

– see also Finance arrangements

Generally

Commentary – Tax Reporter ¶718-300

Substantial modification

Cases where credits not required to be brought into account

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 18-22

Swap agreements, qualifying payments/allocation issue/unallowable purpose issue

Case Law – Prudential plc v Revenue and Customs Commissioners. [2008] BTC 739 ; Prudential plc v Revenue and Customs Commissioners. [2009] BTC 306 ; Prudential plc v. R & C Commrs (2007) Sp C 636

Tax avoidance

Connected parties

Legislation/Regulatory – CTA2009 s. 466-475

HMRC Guidance – CFM35110 ; CFM35150 ; CFM35160 ; CFM35440 ; CFM35840 ; CFM35860 ; CFM35950 ; CFM37240 ; CFM37730 ; CFM39170 ; CFM42170 ; CFM45530 ; CFM63030 ; CFM63150 ; CFM81030 ; INTM654060

Control, meaning

Legislation/Regulatory – CTA2009 s. 472

HMRC Guidance – CFM35020 ; CFM35120 ; CFM36060 ; CFM37240 ; CFM37270 ; CIRD210200

Definitions

Legislation/Regulatory – CTA2009 s. 476

HMRC Guidance – CFM31030 ; CFM35030 ; CFM37110 ; CFM45530

Disposals for consideration not fully recognised by accounting practice

Legislation/Regulatory – CTA2009 s. 455, Sch. 2, para. 68

HMRC Guidance – CFM34140 ; CFM38020 ; CFM39080 ; EIM47201

European cross-border mergers

Legislation/Regulatory – CTA2009 s. 437

European cross-border transfer of business

Legislation/Regulatory – CTA2009 s. 426-428

Exchange gains and losses, transactions not at arm's length

Legislation/Regulatory – CTA2009 s. 447-452, 475

Financial traders, creditors

Legislation/Regulatory – CTA2009 s. 469, 470

HMRC Guidance – CFM33220 ; CFM35130 ; CFM37240

Generally

Legislation/Regulatory – CTA2009 s. 440

Insurance companies, creditors

Legislation/Regulatory – CTA2009 s. 471

HMRC Guidance – CFM77600 ; CIRD260140

Non-trading deficits

Legislation/Regulatory – CTA2009 s. 456-463

HMRC Guidance – CFM32070 ; COM50030

Partnerships, connected parties

Legislation/Regulatory – CTA2009 s. 467, 473, 474

HMRC Guidance – CFM35120 ; CFM35920 ; CFM35980 ; CFM36090 ; CFM37240 ; CFM77600 ; CIRD210200 ; CIRD260140

Priority rules

Legislation/Regulatory – CTA2009 s. 464, 465

HMRC Guidance – CFM30130 ; CFM30150 ; CFM33040 ; CFM41070 ; CFM44230 ; CFM45050 ; CFM45110 ; CTM36900 ; INTM167150

Resetting interest rates (reset bonds), fair value accounting

Legislation/Regulatory – CTA2009 s. 454

HMRC Guidance – CFM38020 ; CFM39040 ; CFM39070

Tax relief schemes, restriction of interest relief

Legislation/Regulatory – CTA2009 s. 443

HMRC Guidance – CFM38020 ; CFM39020 ; CFM39030 ; CFM44310 ; CTM34760

Transactions not at arm's length

Legislation/Regulatory – CTA2009 s. 444-452

HMRC Guidance – CFM38410 ; CFM38420 ; CFM38430 ; CFM38510 ; CFM38520 ; CFM41010

Unallowable purposes

Legislation/Regulatory – CTA2009 s. 441-443

HMRC Guidance – BIM24215 ; BIM64371 ; CFM38510 ; CFM38570 ; CFM39010 ; CFM39020 ; CFM41020 ; CFM45240 ; CFM56010 ; CFM61120 ; CFM63030 ; CFM63150 ; CFM72570 ; CFM91040 ; CFM93010 ; INTM413010 ; INTM480520 ; INTM481080 ; INTM511050 ; INTM512030 ; INTM512060 ; INTM513050 ; INTM513060 ; INTM520010 ; INTM595100

Tax mismatch schemes

Economic profits and losses, meaning

Legislation/Regulatory – CTA2010 s. 938S

Generally

Legislation/Regulatory – FA2013 Sch. 20

Losses and profits to be disregarded

Legislation/Regulatory – CTA2010 s. 938O

Meaning

Legislation/Regulatory – CTA2010 s. 938P

Priority

Legislation/Regulatory – CTA2010 s. 938V

Relevant tax advantage/disadvantage, meaning

Legislation/Regulatory – CTA2010 s. 938R

Scheme loss/profit, meaning

Legislation/Regulatory – CTA2010 s. 938Q

Scheme period, meaning

Legislation/Regulatory – CTA2010 s. 938R

Scheme, meaning

Legislation/Regulatory – CTA2010 s. 938U

Tax capacity assumption

Legislation/Regulatory – CTA2010 s. 938T

Thin capitalisation

– see Thin capitalisation

Trade, meaning

Legislation/Regulatory – CTA2009 s. 298

Trading

Commentary – Quick Overview ¶25100

Transaction for the lending of money

Commentary – Quick Overview ¶25000

Transactions for the lending of money, meaning

Commentary – Tax Reporter ¶717-050

HMRC Guidance – CFM31040 ; CFM83160

Transactions not at an arm's length

Commentary – Tax Reporter ¶717-300

HMRC Guidance – CFM38420

Transfer of contingent debt asset

Case Law – GDF Suez Teesside Ltd (Formerly Teesside Power Ltd) [2015] TC 04590

Transfer of income streams

Commentary – Tax Reporter ¶718-350

Legislation/Regulatory – ITA2007 s. 486F, 486G

Transfer pricing adjustments

Commentary – Tax Reporter ¶717-360 ; Tax Reporter ¶718-080

HMRC Guidance – CFM61120

Transfer pricing rules applied to issue price of tracker shares

Case Law – Abbey National Treasury Services plc [2015] TC 04525

Transitional adjustments relating to loan relationships

Legislation/Regulatory – F(No. 2)A2015 Sch. 7, para. 115

Transitional provisions and savings

Legislation/Regulatory – FA96 Sch. 15

HMRC Guidance – CG54050 ; CG54055 ; CG54060 ; CG54065 ; CG54070 ; CG54075 ; CG54235 ; CG54240 ; CG54241 ; CTM49420

Transport transfer schemes

– see Transport transfer schemes

Treasury stock 2008–12 not redeemed pre-6 April 2009

Legislation/Regulatory – CTA2009 Sch. 2, para. 69

Unallowable purposes

Commentary – Quick Overview ¶25000 ; Tax Reporter ¶717-280

HMRC Guidance – CFM38110 ; CFM38180 ; CFM38190

Case Law – Prudential plc v. R & C Commrs

Unit trusts

– see also Unit trust schemes

Generally

Commentary – Tax Reporter ¶718-000

Value of the shares income of the share recipient

Case Law – Spritebeam Ltd & Ors v Revenue and Customs Commissioners & Anor [2015] BTC 507

Venture capital trusts

Commentary – Tax Reporter ¶718-000

Legislation/Regulatory – CTA2009 s. 394

Winding up or administration

Commentary – Tax Reporter ¶802-320

Case Law – (1) Commissioners of Inland Revenue v. Olive Mill, Ltd. (in liquidation) (2) Commissioners of Inland Revenue v. Olive Mill Spinners, Ltd. (in liquidation)

Worldwide debt cap

– see Financing costs and income

Writing-off government investment

Commentary – Tax Reporter ¶717-240

HMRC Guidance – CFM31140

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