27 Holdings treated as rights under loan relationships
Finance Act 2014 (2014 c 26) | Legislation

27  Holdings treated as rights under loan relationships

(1)     CTA 2009 is amended as follows.

(2)     In section 465(3) (list of provisions under which certain distributions are not excluded from Part 5) before paragraph (a) insert—

“(za)     section 490(2) (holdings in OEICs, unit trusts and offshore funds treated as rights under creditor relationships),”.

(3)     In section 490 (holding in an OEIC, unit trust or offshore fund treated as rights under a creditor relationship) for subsection (2) substitute—

“(2)     The Corporation Tax Acts have effect for the accounting period in accordance with subsection (3) as if—

(a)     the relevant holding were rights under a creditor relationship of the company, and

(b)     any distribution in respect of the relevant holding were not a distribution (and accordingly is within Part 5).”

(4)

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