- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
The Tax Treatment of Financing Costs and Income (Correction of Mismatches: Partnerships and Pensions) Regulations 2012
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- Offerynnau Statudol y Deyrnas Unedig
- 2012 No. 3111
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
Part 7 of the Taxation (International and Other Provisions) Act 2010 (“TIOPA”) applies to groups of companies. It provides for the disallowance for corporation tax purposes of net financing deductions of the UK members of a group to the extent that the total of those deductions exceeds the “available amount”. The available amount is the sum of the amounts disclosed in the financial statements of the worldwide group for the relevant period of account in respect of matters specified in section 332(1) of TIOPA 2010 or in regulations made under that section.
A mismatch may occur if the amount disclosed in the financial statements of the worldwide group in respect of a liability differs from the amount accounted for in respect of the same liability by the UK member of the worldwide group. These Regulations alter the way in which the available amount is calculated in certain cases where there is a mismatch.
Regulation 1 provides for citation, commencement and effect. Under the power conferred by section 336A(4) of TIOPA 2010, these Regulations have effect in relation to periods of account beginning on or after 1st January 2012. But a worldwide group may elect for either or both of regulations 2 and 3 to have effect only for periods of account beginning on or after the day on which they are made.
Regulation 2 amends the Taxation (International and Other Provisions) Act 2010 by inserting sections 332D and 332E. These provisions deal with mismatches where a member of a worldwide group is a member of a partnership which has made a loan to a member of the group or receives income in relation to finances leases or debt factoring relating to a member of the group.
Regulation 3 amends the Tax Treatment of Financing Costs and Income (Correction of Mismatches) Regulations 2010 (S.I. 2010/3025) by inserting regulations 16A and 16B into those Regulations. These provisions deal with mismatches in respect of finance charges arising in relation to certain finance arrangements in connection with a contribution paid by an employer under a registered pension scheme in respect of which the employer is entitled to relief under Chapter 4 of Part 4 of the Finance Act 2004.
A Tax Information and Impact Note has not been prepared for this Instrument as it contains no substantive changes to tax policy.
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