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 6Anti-avoidance

Meaning of “relevant net deduction”

49

1

In paragraph 48(2) the “relevant net deduction” means—

a

the amount by which the total disallowed amount exceeds the tested income amount, or

b

if the total disallowed amount does not exceed the tested income amount, nil.

2

In this paragraph the “total disallowed amount” means—

a

the amount by which the tested expense amount exceeds the available amount, or

b

if the tested expense amount does not exceed the available amount, nil.