SCHEDULES

SCHEDULE 15 U.K.Tax treatment of financing costs and income

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 6 U.K.Anti-avoidance

Meaning of “relevant net deduction” U.K.

49 (1) In paragraph 48(2) the “relevant net deduction” means— U.K.

(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.