SCHEDULES
C1SCHEDULE 15Tax treatment of financing costs and income
Annotations:
Modifications etc. (not altering text)
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.
Sch. 15 modified (21.7.2009 retrospective) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 para. 36(2)