SCHEDULES

SCHEDULE 5Financing costs and income of group companies

Amendments of Chapter 10 (other interpretative provisions)

31

1

Section 345 (meaning of “UK group company” and “relevant group company”) is amended as follows.

2

For subsections (2) and (3) substitute—

2

A company is a “UK group company” if—

a

it is a member of the worldwide group, and

b

it meets conditions A and B.

3

A company is a “relevant group company” if—

a

it is a member of the worldwide group, and

b

it meets conditions A, B and C.

3

After subsection (4) insert—

4A

Condition B is that the company is not a securitisation company within the meaning of section 83(2) of FA 2005 or section 623 of CTA 2010.

4

In subsection (5), for “B” substitute “ C ”.