- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 411.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)In this Chapter “relevant expense amount” means (subject to subsection (3)) an amount in respect of any of the following—
(a)interest payable under a loan relationship;
(b)expenses ancillary to a loan relationship [F2or related transaction];
(c)losses arising from a loan relationship or a related transaction, other than—
(i)exchange losses, and
(ii)impairment losses;
(d)dividends payable in respect of preference shares accounted for as a financial liability;
(e)losses arising from a relevant derivative contract or a related transaction, other than—
(i)exchanges losses,
(ii)impairment losses, and
[F3(iii)losses in respect of risks arising in the ordinary course of a trade (other than risks arising in the ordinary course of a financial trade) where the derivative contract was entered into wholly for reasons unrelated to the capital structure of the worldwide group (or any member of the worldwide group);]
(f)expenses ancillary to a relevant derivative contract or related transaction;
(g)financing charges implicit in payments made under a finance lease;
(h)financing charges relating to debt factoring [F4or any similar transaction];
(i)financing charges implicit in payments made under a service concession arrangement if and to the extent that the arrangement is accounted for as a financial liability;
[F5(j)debits that are brought into account under Part 5 of CTA 2009 as a result of section 481 of that Act (relevant non-lending relationships), or would be so brought into account if the company in question were within the charge to corporation tax, other than—
(i)exchange losses, or
(ii)impairment losses;]
(k)alternative finance return payable under alternative finance arrangements;
(l)manufactured interest payable;
(m)financing charges in respect of the advance under a debtor repo or debtor quasi-repo;
(n)financing charges so far as they are made up of amounts which—
(i)are treated as interest payable under a loan relationship under a relevant provision of Chapter 2 of Part 16 of CTA 2010 (finance arrangements), or
(ii)would be so treated if the company in question were within the charge to corporation tax.
(2)In this Chapter “relevant income amount” means (subject to subsection (3)) an amount in respect of any of the following—
(a)interest receivable under a loan relationship;
(b)profits arising from a loan relationship or a related transaction, other than—
(i)exchange gains, and
(ii)the reversal of impairment losses;
(c)dividends receivable in respect of preference shares accounted for as a financial asset;
(d)gains arising from a relevant derivative contract or a related transaction, other than—
(i)exchange gains,
(ii)the reversal of impairment losses, and
[F6(iii)gains in respect of risks arising in the ordinary course of a trade (other than risks arising in the ordinary course of a financial trade) where the derivative contract was entered into wholly for reasons unrelated to the capital structure of the worldwide group (or any member of the worldwide group);]
(e)financing income implicit in amounts received under a finance lease;
(f)financing income relating to debt factoring [F7or any similar transaction];
(g)financing income implicit in amounts received under a service concession arrangement if and to the extent that the arrangement is accounted for as a financial asset;
[F8(h)credits that are brought into account under Part 5 of CTA 2009 as a result of section 481 of that Act (relevant non-lending relationships), or would be so brought into account if the company in question were within the charge to corporation tax, other than—
(i)exchange gains, or
(ii)the reversal of impairment losses;]
(i)alternative finance return receivable under alternative finance arrangements;
(j)manufactured interest receivable;
(k)financing income in respect of the advance under a creditor repo or creditor quasi-repo;
(l)financing income so far as it is made up of amounts which—
(i)are treated as interest receivable under a loan relationship under a relevant provision of Chapter 2 of Part 16 of CTA 2010 (finance arrangements), or
(ii)would be so treated if the company in question were within the charge to corporation tax.
(3)In this Chapter—
(a)“relevant expense amount” does not include an amount payable under a pension scheme;
(b)“relevant income amount” does not include an amount receivable under a pension scheme.
F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)
F2Words in s. 411(1)(b) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 20(2)(a), 23(1)
F3S. 411(1)(e)(iii) substituted (with effect in accordance with Sch. 8 para. 22 of the amending Act) by Finance Act 2018 (c. 3), Sch. 8 para. 4(2)
F4Words in s. 411(1)(h) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 20(2)(b), 23(1)
F5S. 411(1)(j) substituted (with effect in accordance with Sch. 3 para. 30-36 of the amending Act) by Finance (No. 2) Act 2023 (c. 30), Sch. 3 para. 6(2)
F6S. 411(2)(d)(iii) substituted (with effect in accordance with Sch. 8 para. 22 of the amending Act) by Finance Act 2018 (c. 3), Sch. 8 para. 4(3)
F7Words in s. 411(2)(f) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 20(3), 23(1)
F8S. 411(2)(h) substituted (with effect in accordance with Sch. 3 para. 30-36 of the amending Act) by Finance (No. 2) Act 2023 (c. 30), Sch. 3 para. 6(3)
F9S. 411(4) omitted (retrospectively) by virtue of Finance Act 2019 (c. 1), Sch. 11 paras. 19, 24
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: