(1)This section applies to a financing income amount of a company received during a period of account of the worldwide group if—
(a)apart from this section, the financing income amount would, because of section 299, not be brought into account for the purposes of corporation tax, and
(b)conditions A, B and C are met.
(2)Condition A is that, at any time before the financing income amount is received, a scheme is entered into that secures that any of the conditions in subsections (2) to (4) of section 299 (“the relevant section 299 condition”) is met in relation to the amount.
(3)Condition B is that the purpose, or one of the main purposes, of any party to the scheme on entering into the scheme is to secure that the relevant section 299 condition is met.
(4)Condition C is that the scheme is not an excluded scheme.
(5)If this section applies to a financing income amount, the relevant section 299 condition is treated as not met in relation to the amount.
(6)Section 305 (meaning of references to a “financing income amount” of a company) applies for the purposes of this section.