Corporation Tax Act 2010 section 938V

Priority

Section 938V establishes that the tax mismatch rules take priority over certain other anti-avoidance and restriction provisions when determining whether amounts are brought into account.

• When applying the tax mismatch rules, the unallowable purposes rule for loan relationships (section 441 of CTA 2009) is treated as having no effect
• The unallowable purposes rule for derivative contracts (section 690 of CTA 2009) is similarly disregarded
• The hybrid and other mismatches rules in Part 6A of TIOPA 2010 are treated as of no effect
• The corporate interest restriction rules in Part 10 of TIOPA 2010 are also set aside for these purposes