SCHEDULES

C1SCHEDULE 15Tax treatment of financing costs and income

Annotations:
Modifications etc. (not altering text)
C1

Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)

Part 4Exemption of financing income

Application of Part and meaning of “total disallowed amount”

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1

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

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).