SCHEDULES
C1SCHEDULE 15Tax treatment of financing costs and income
Annotations:
Modifications etc. (not altering text)
Part 5Intra-group financing income where payer denied deduction
References to tax of a territory
45
1
References in this Part to a tax of the United Kingdom are to income tax or corporation tax.
2
References in this Part to a tax of a territory outside the United Kingdom are to a tax chargeable under the law of that territory that—
a
is charged on income and corresponds to United Kingdom income tax, or
b
is charged on income or chargeable gains or both and corresponds to United Kingdom corporation tax.
3
For the purposes of this paragraph a tax chargeable under the law of a territory outside the United Kingdom does not fail to correspond to income or corporation tax just because—
a
it is chargeable under the law of a province, state or other part of a country, or
b
it is levied by or on behalf of a municipality or other local body.
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)