SCHEDULES
C1SCHEDULE 15Tax treatment of financing costs and income
Part 2Application of this Schedule
Application of Schedule
2
1
This Schedule applies to any period of account of the worldwide group for which—
a
the UK net debt of the group (see paragraphs 3 and 4), exceeds
b
75% of the worldwide gross debt of the group (see paragraph 5).
2
But a period of account that is within sub-paragraph (1) is not a period of account to which this Schedule applies if the worldwide group is a qualifying financial services group in that period (see paragraph 7).
3
The Treasury may by order amend sub-paragraph (1)(b) by substituting a higher or lower percentage for the percentage for the time being specified there.
4
No order may be made under sub-paragraph (3) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
5
An order under sub-paragraph (3) may only have effect in relation to periods of account of the worldwide group beginning after the date on which the order is made.
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)