SCHEDULES

C1SCHEDULE 15Tax treatment of financing costs and income

Annotations:
Modifications etc. (not altering text)
C1

Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)

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.