313The financing expense amounts of a company
(1)References in this Part to a “financing expense amount” of a company for a period of account of the worldwide group are to any amount that meets condition A, B or C.
(2)Condition A is that the amount is a debit that—
(a)would, apart from this Part, be brought into account in a relevant accounting period of the company,
(b)would be so brought into account in respect of a loan relationship—
(i)under Part 3 of CTA 2009 as a result of section 297 of that Act (loan relationships for purposes of trade), or
(ii)under Part 5 of that Act (other loan relationships), and
(c)is not an excluded debit.
(3)A debit is “excluded” if it is in respect of—
(a)an impairment loss,
(b)an exchange loss, or
(c)a related transaction.
(4)Condition B is that the amount is an amount that would, apart from this Part, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing cost implicit in payments made under finance leases.
(5)Condition C is that the amount is an amount that would, apart from this Part, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing cost payable on debt factoring, or any similar transaction.
(6)If—
(a)a debit or other amount would, apart from this Part, be brought into account in an accounting period, and
(b)a proportion of that period does not fall within the period of account of the worldwide group,
the debit or other amount is to be reduced, for the purposes of this section, by the same proportion.
(7)This section is subject to sections 316 to 327.