CFM80020 - Old rules: loan relationships: quick guide to converting from FA 1996 to CTA 2009
Converting from FA 1996 to CTA 2009
»Ê¹ÚÌåÓýapp table below provides a guide to certain key terms used in the guidance on the loan relationships legislation at CFM80100 onwards. »Ê¹ÚÌåÓýappse key terms are explained more fully in the guidance on the current rules.
| Subject | FA96 | CTA 2009 | Reference |
|---|---|---|---|
| Profits from loan relationships chargeable as income under this Chapter/Part | 80(1) | 295(1), S299(1) | CFM30170 |
| Priority of loan relationship rules for corporation tax purposes | 80(5) | 464(1), (2) | CFM30130 |
| Loan relationship - a money debt arising from a transaction for the lending of money | 81(1) | 302(1) | CFM31010 |
| Money debt includes an instrument issued | 81(3) | 303(3) | CFM30140 |
| Trading credits and debits brought into account as trade receipts | 82(2) | 297(2), (3) | CFM30180 |
| Non-trading credits and debits | 82 | 301 | CFM32030 |
| Profits includes profits from related transactions and capital profits | 84(1) | 293(1), (3) | CFM30170 |
| Fairly represents | 84 (1) | 307(3) | CFM33020 |
| Pre-loan relationship and abortive expenses | 84(4) | 329(1), (2) | CFM33060 |
| Meaning of ‘related transaction� | 84(5), (6) | 304(1), (2) | CFM31120 |
| Exchange gains and losses included | 84A | 328 | CFM33010 |
| Computation in accordance with GAAP | 85A | 307(2), 313(1), 309 | CFM33070\nCFM33110 |
| Amounts recognised in determining company’s profit or loss include amounts in P&L etc | 85B | 308 | CFM33100 |
| Derecognition | 85C | 311, 312 | CFM33120 |
| Connection | 87 | 348-351, 466, 467 | CFM35170\nCFM36090 |
| Control | 87A | 472 | CFM35120 |
| Shares as debt | 91A-91G | PT6/CH7 | CFM45000 |
| - | FA96/SCH9 | - | - |
| Connected parties late interest | PARA 2 | PT5/CH8 | CFM35800 |
| Deemed debt releases on connected company impaired debts | PARA4A | 361 - 363 | CFM35430 |
| Releases of debt and insolvency | PARA 5 | 322, 323, 358, 359 | CFM33190 |
| Impaired or released consortium debt | PARA5ZA, PARA5A | PT5/CH7 | CFM35600 |
| Connected parties impairment losses | PARA6,PARA6,PARA6C | 323, 352, 354, 355, 357, 360 | CFM35310 |
| No debits from revaluation | PARA6D | 324, 325 | CFM33210 |