CTA 2009 is amended as follows.
In section 353 (introduction to Chapter 6 of Part 5)—
omit subsection (3), and
in subsection (6), after "loss"" insert ." and release debit "
In section 476(1) (definitions for purposes of Parts 5 and 6), after the definition of "profit sharing arrangements" insert—
Section 479 (relevant non-lending relationships not involving discounts) is amended as follows.
In subsection (2)—
omit the "and" at the end of paragraph (b),
in paragraph (c), after "loss)" insert , and" or release debit "
insert at the end, and da debt in relation to which a relevant deduction has been allowed to the company and which is released.
In subsection (3), for "(2)" substitute ." (2)(c) "
After that subsection insert—
Section 481 (application of Part 5 to relevant non-lending relationships) is amended as follows
In subsection (3)—
in paragraph (d), after "loss" insert and for "impairment, and" substitute , and" or release debit "" impairment or release, "
insert at the endand fin the case of a debt in relation to which a relevant deduction has been allowed to the company and which is released, the release.
In subsection (4), for "(3)" substitute ." (3)(d) and (e) "
After that subsection insert—
The amendments made by this section are treated as having come into force on 22 April 2009.