Part 7Tax treatment of financing costs and income
CHAPTER 9“Available amount”
332The available amount
1
References in this Part to the “available amount” for a period of account of the worldwide group are to the sum of the amounts disclosed in the financial statements of the group for that period in respect of—
a
interest payable on amounts borrowed,
b
amortisation of discounts relating to amounts borrowed,
c
amortisation of premiums relating to amounts borrowed,
d
amortisation of ancillary costs relating to amounts borrowed,
e
the financing cost implicit in payments made under finance leases,
f
the financing cost relating to debt factoring, or
g
matters of such other description as may be specified in regulations made by the Commissioners.
2
An amount that falls within any of paragraphs (a) to (g) of subsection (1) is to be disregarded for the purposes of that subsection to the extent that—
a
the amount represents a dividend payable in respect of preference shares, and
b
those shares are recognised as a liability in the financial statements of the group for the period.