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Corporation Tax Act 2009 section 61
Restriction on bringing into account credits resulting from reversal of debits disallowed in a period of account beginning before 1 January 2005
Section 61 prevents companies from recognising a taxable credit under the loan relationships rules when a debit that was previously disallowed for tax purposes in a period of account beginning before 1 January 2005 is subsequently reversed, unless the company uses fair value accounting.
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