Part 7U.K.Tax treatment of financing costs and income

CHAPTER 8U.K.“Tested expense amount” and “tested income amount”

331Companies with net financing deduction or net financing income that is smallU.K.

(1)An amount determined in accordance with section 329(2) or 330(2) is “small” if it is less than £500,000.

(2)The Treasury may by order amend subsection (1) by substituting a higher or lower amount for the amount for the time being specified there.

(3)An order under subsection (2) may only be made if a draft of the statutory instrument containing the order has been laid before and approved by a resolution of the House of Commons.

(4)An order under subsection (2) may only have effect in relation to periods of account of the worldwide group beginning after the date on which the order is made.