SCHEDULES
SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc
PART 2Supplementary & Consequential amendments
17CTA 2009
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.