SCHEDULES

SCHEDULE 15U.K.Tax treatment of financing costs and income

Part 3U.K.Disallowance of deductions

Application of Part and meaning of “total disallowed amount”U.K.

15(1)This Part applies where, for a period of account of the worldwide group to which this Schedule applies (“the relevant period of account”)—U.K.

(a)the tested expense amount (see Part 8), exceeds

(b)the available amount (see Part 9).

(2)In this Part “the total disallowed amount” means the difference between the amounts referred to in paragraphs (a) and (b) of sub-paragraph (1).