- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 16/11/2017
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(1)In section 316 of TIOPA 2010 (group treasury companies) for subsections (2) to (8) substitute—
“(2)A company is a group treasury company in the relevant period if—
(a)it is a member of the worldwide group,
(b)it undertakes treasury activities for the worldwide group in the relevant period (whether or not it also undertakes other activities),
(c)at least 90% of the relevant income of the company for the relevant period is group treasury revenue, and
(d)it makes an election in respect of the relevant period for the purposes of this section.
(3)Subsection (4) applies if throughout the relevant period—
(a)all or substantially all of the activities undertaken by a group treasury company consist of treasury activities undertaken by it for the worldwide group, and
(b)all or substantially all of the assets and liabilities of the company relate to such activities.
(4)Where this subsection applies, the relevant amount, and all other amounts that are relevant amounts in respect of the group treasury company and the relevant period, are treated as not being a financing expense amount or a financing income amount of the group treasury company.
(5)If subsection (4) does not apply, those relevant amounts are treated as not being a financing expense amount or a financing income amount of the group treasury company only to the extent that they relate to treasury activities undertaken by the company for the worldwide group.
(6)For the purposes of subsection (5) the extent to which amounts relate to the matters mentioned is to be determined on a just and reasonable basis.
(7)An election under this section must be made within 3 years after the end of the relevant period.”
(2)The amendment made by this section has effect in relation to periods of account of the worldwide group beginning on or after 11 December 2012.
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