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[F115Z2(1)This paragraph applies for the purposes of Step 2 in paragraph 15Z1.U.K.
(2)The assets of the foreign permanent establishment are those which it would have were it a distinct and separate enterprise which—
(a)engaged in the same or similar activities under the same or similar conditions, and
(b)dealt wholly independently with the designated FPE entity.
(3)For the purposes of paragraph 15Z1 and this paragraph, any relevant provisions of Chapter 3A of Part 2 of CTA 2009 (UK resident companies: profits of foreign permanent establishments) are to be applied as they would be applied in determining profits attributable to the foreign permanent establishment for corporation tax purposes.
(4)But in determining the non-UK allocated equity and liabilities attributable to a foreign permanent establishment of a designated FPE entity which is a member of the relevant group, any assets within sub-paragraph (5) are to be left out.
(5)The assets within this sub-paragraph are any assets of the foreign permanent establishment (as otherwise determined under this paragraph) representing an excluded loan relationship.
(6)A loan relationship is “excluded” if—
(a)the designated FPE entity mentioned in sub-paragraph (4) is the creditor,
(b)the debtor (“D”) is a UK resident bank, a building society or a relevant foreign bank—
(i)which is a member of the relevant group, and
(ii)whose activities include the relevant regulated activity described in the provision mentioned in paragraph 79(a),
(c)the money which is the subject of the transaction giving rise to D’s debt is money borrowed by the designated FPE entity mentioned in sub-paragraph (4) from another entity, and
(d)in borrowing that money the designated FPE entity was acting as the agent or intermediary of D.
(7)Section 302(1) of CTA 2009 (definition of “loan relationship”) applies for the purposes of sub-paragraphs (5) and (6) as it applies for corporation tax purposes.]
Textual Amendments
F1Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2
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