F1PART 6AHybrid and other mismatches
Annotations:
Amendments (Textual)
CHAPTER 14Interpretation
F2Relevant debt relief circumstances
Annotations:
Amendments (Textual)
F2
Ss. 259NEB-259NEF and cross-heading inserted (retrospectively) by Finance Act 2021 (c. 26), Sch. 7 paras. 5, 36
259NEERelease of connected companies debts during creditor’s insolvency
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 an amortised cost basis of accounting is used in respect of the debtor relationship,
b
condition A, B, C, D or E in section 357 of CTA 2009 is met in relation to the payer,
c
immediately before the time when any of those conditions was first met the debtor relationship was a connected companies relationship, and
d
immediately after that time it was not such a relationship.
Pt. 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