SCHEDULES
SCHEDULE 5Financing costs and income of group companies
Amendments of Chapter 10 (other interpretative provisions)
31
(1)
Section 345 (meaning of “UK group company” and “relevant group company”) is amended as follows.
(2)
For subsections (2) and (3) substitute—
“(2)
A company is a “UK group company” if—
(a)
it is a member of the worldwide group, and
(b)
it meets conditions A and B.
(3)
A company is a “relevant group company” if—
(a)
it is a member of the worldwide group, and
(b)
it meets conditions A, B and C.”
(3)
After subsection (4) insert—
“(4A)
Condition B is that the company is not a securitisation company within the meaning of section 83(2) of FA 2005 or section 623 of CTA 2010.”
(4)
In subsection (5), for “B” substitute “
C
”
.