SCHEDULES
SCHEDULE 15Tax treatment of financing costs and income
Part 1Introduction
Overview
F11
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Part 2Application of this Schedule
Application of Schedule
F12
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UK net debt of the worldwide group for period of account of worldwide group
F13
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Net debt of a company
F14
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Worldwide gross debt of worldwide group for period of account of worldwide group
F15
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References to amounts disclosed in balance sheet of relevant group company
F16
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Qualifying financial services groups
F17
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Qualifying activities
F18
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Lending activities and activities ancillary to lending activities
F19
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Relevant dealing in financial instruments
F111
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UK trading income of the worldwide group
F112
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Worldwide trading income of the worldwide group
F113
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Foreign currency accounting
F114
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Part 3Disallowance of deductions
Application of Part and meaning of “total disallowed amount”
F115
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Meaning of “company to which this Part applies”
F116
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Appointment of authorised company for relevant period of account
F117
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Meaning of “the reporting body”
F118
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Statement of allocated disallowances: submission
F119
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Statement of allocated disallowances: submission of revised statement
F120
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Statement of allocated disallowances: requirements
F121
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Statement of allocated disallowances: effect
F122
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Company tax returns
F123
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Power to make regulations about statement of allocated disallowances
F124
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Failure of reporting body to submit statement of allocated disallowances
F125
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Powers to make regulations in relation to reductions required under paragraph 25
F126
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Part 4Exemption of financing income
Application of Part and meaning of “total disallowed amount”
F127
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Meaning of “company to which this Part applies”
F128
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Appointment of authorised company for relevant period of account
F129
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Meaning of “the reporting body”
F130
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Statement of allocated exemptions: submission
F131
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Statement of allocated exemptions: submission of revised statement
F132
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Statement of allocated exemptions: requirements
F133
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Statement of allocated exemptions: effect
F134
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Company tax returns
F135
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Power to make regulations about statement of allocated exemptions
F136
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Failure of reporting body to submit statement of allocated exemptions
F137
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Power to make regulations in relation to reductions required under paragraph 37
F138
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Balancing payments between group companies: no charge to, or relief from, tax
F139
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Part 5Intra-group financing income where payer denied deduction
Exemption from tax for certain financing income received from certain EEA companies
F140
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Meaning of “relevant associate”
F141
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Meaning of “tax-resident” and “EEA territory”
F142
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Qualifying EEA tax relief for payment in the current period or a previous period
F143
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Qualifying EEA tax relief for payment in future period
F144
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References to tax of a territory
F145
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Financing income amounts of a company
F146
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Part 6Anti-avoidance
Schemes involving manipulation of rules in Part 2
F147
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Schemes involving manipulation of rules in Parts 3 and 4
F148
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Meaning of “relevant net deduction”
F149
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Calculation of amounts
F150
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Meaning of “carried-back amount” and “carried-forward amount”
F151
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Schemes involving manipulation of rules in Part 5
F152
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Meaning of “scheme” and “excluded scheme”
F153
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Part 7“Financing expense amount” and “financing income amount”
The financing expense amounts of a company
F154
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The financing income amounts of a company
F155
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Interpretation of paragraphs 54 and 55
F156
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Group treasury companies
F157
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Real estate investment trusts
F158
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Companies engaged in oil extraction activities
F159
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Intra-group short-term finance: financing expense
F160
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Intra-group short-term finance: financing income
F161
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Short-term loan relationships
F162
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Stranded deficits in non-trading loan relationships: financing expense
F163
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Stranded deficits in non-trading loan relationships: financing income
F164
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Stranded management expenses in non-trading loan relationships: financing expense
F165
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Stranded management expenses in non-trading loan relationships: financing income
F166
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Charities
F167
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Educational and public bodies
F168
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Interpretation of paragraphs 57 to 68
F169
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Part 8The “tested expense amount” and “tested income amount”
The tested expense amount
F170
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The tested income amount
F171
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Companies with net financing deduction or net financing income that is small
F172
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Part 9The “available amount”
The available amount
F173
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Group members with income from oil extraction subject to particular tax treatment in UK
F174
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Group members with income from shipping subject to particular tax treatment in UK
F175
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Group members with income from property rental subject to particular tax treatment in UK
F176
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Meaning of accounting expressions used in this Part
F177
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Part 10Other interpretative provisions
The worldwide group
F178
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Meaning of “group”
F179
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Meaning of “ultimate parent”
F180
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Meaning of “corporate entity”
F181
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Meaning of “relevant non-corporate entity”
F182
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Treatment of entities stapled to corporate entities or relevant non-corporate entities
F183
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Treatment of business combinations
F184
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Meaning of “large” in relation to a group
F185
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Meaning of “UK group company” and “relevant group company”
F186
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Financial statements of the worldwide group
F187
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Non-compliant financial statements of worldwide group
F188
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Non-existent financial statements of worldwide group
F189
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References to amounts disclosed in financial statements
F190
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Translation of amounts disclosed in financial statements into sterling
F191
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Expressions taking their meaning from international accounting standards
F192
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Meaning of “relevant accounting period”
F193
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Meaning of “the Commissioners” and “HMRC”
F194
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Part 11Consequential amendments and commencement
Consequential amendments
F195
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F396
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Commencement
F297
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Anti-avoidance: change of period of account of worldwide group
F298
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Transitional provision
F299
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