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Taxation (International and Other Provisions) Act 2010

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

322Stranded deficits in non-trading loan relationships: financing expense

This adran has no associated Nodiadau Esboniadol

(1)This section applies if, apart from this section, an amount (“the relevant amount”) is a financing expense amount of a company (“company A”) because of meeting condition A in section 313.

(2)The relevant amount is treated as not being a financing expense amount of company A, but only if an election is made for this purpose.

(3)Such an election may not be made unless each of conditions 1 to 4 is met.

(4)Condition 1 is that company A and the other party to the loan relationship (“company B”) are both members of the worldwide group.

(5)Condition 2 is that company B—

(a)is resident in the United Kingdom, or

(b)is not resident in the United Kingdom and is carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.

(6)Condition 3 is that, under section 457 of CTA 2009, company B carries forward an amount of non-trading deficit and sets it off against non-trading profits of an accounting period that falls wholly or partly within the period of account of the worldwide group.

(7)Condition 4 is that the amount of non-trading deficit carried forward and set off is equal to, or greater than, the relevant amount.

(8)An election under this section may only be made—

(a)jointly by company A and company B, and

(b)within 36 months of the end of the period of account of the worldwide group to which the relevant amount relates.

Yn ôl i’r brig

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