Corporation Tax Act 2009 section 482

Miscellaneous rules about amounts to be brought into account because of this Chapter

Section 482 provides miscellaneous rules about how certain credits and debits arising from non-lending relationships are to be classified and measured for corporation tax purposes.

• Credits or debits relating to interest payable under the Tax Acts must be treated as non-trading items for the purposes of Part 5 of the Act.
• This non-trading classification applies regardless of the nature of the company's other activities.
• Where a discount arises from a money debt under a relevant non-lending relationship, the credits must be calculated using an amortised cost basis of accounting.
• These rules ensure consistent treatment of amounts arising from non-lending relationships within the loan relationships framework.