SCHEDULES

C1SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

Annotations:
Modifications etc. (not altering text)

PART 2Supplementary & Consequential amendments

CTA 2009

I117

1

Section 334 (non-UK resident company ceasing to hold loan relationship for UK permanent establishment) is amended as follows.

2

In the heading, for “UK permanent establishment” substitute “ section 333(2) purposes ”.

3

In subsection (1) for the words from “the purposes” to “United Kingdom” substitute “ section 333(2) purposes ”.

4

In subsection (3)(b) for “the purposes of the permanent establishment” substitute “ section 333(2) purposes ”.

5

After subsection (4) insert—

5

An asset or liability ceases to be held or owed for section 333(2) purposes if and in so far as—

a

it ceases to be held or owed for any purposes mentioned in section 333(2), and

b

on doing so, it does not begin or continue to be held or owed for any of the other purposes so mentioned.