[F1[F2259NEDRelease of connected companies debtsU.K.
This section has no associated Explanatory Notes
(1)This section is to be read with section 259NEB (relevant debt relief circumstances: introductory).
(2)The circumstances in this section are—
(a)the relevant release takes place in an accounting period for which—
(i)an amortised cost basis of accounting is used in respect of the debtor relationship, and
(ii)the debtor relationship is a connected companies relationship, and
(b)the release is neither—
(i)a deemed release, nor
(ii)a release of relevant rights.]]
Textual Amendments
F1Pt. 6A inserted (with effect in accordance with Sch. 10 paras. 18-21 of the amending Act) by Finance Act 2016 (c. 24), Sch. 10 para. 1
F2Ss. 259NEB-259NEF and cross-heading inserted (retrospectively) by Finance Act 2021 (c. 26), Sch. 7 paras. 5, 36