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The Taxation (International and Other Provisions) Act 2010 (Part 7) (Amendment) Regulations 2012
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- 2012 No. 3045
- Regulation 6
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Amendment of Part 7 of the Taxation (International and Other Provisions) Act 2010
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6. In section 298 (balancing payments between group companies: no tax charge or relief)—
(a)in subsection (1) for paragraph (a) substitute—
“(a)a company (“company A”) has for the relevant period of account one or more financing income amounts falling within a sub-paragraph below—
(i)a financing income amount determined otherwise than in accordance with section 314A which, because of section 293(2), is not brought into account or, because of section 296, is reduced, or
(ii)a financing income amount determined in accordance with section 314A in relation to which section 293(3) applies (whether by virtue of section 293(1) or section 296(6)),”,
(b)after subsection (3) insert—
“(4) Where only a proportion of a financing income amount falling within subsection (1)(a)(ii) is taken into account for the purposes of section 293(3), only that proportion is to be taken into account for the purposes of subsection (3)(a).”.
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