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Version Superseded: 16/11/2017
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(1)References in this Part to the “available amount” for a period of account of the worldwide group are to the sum of the amounts disclosed in the financial statements of the group for that period in respect of—
(a)interest payable on [F1borrowing],
(b)amortisation of discounts relating to [F2borrowing],
(c)amortisation of premiums relating to [F3borrowing],
(d)amortisation of [F4expenses ancillary to borrowing],
(e)the financing [F5expense] implicit in payments made under finance leases,
(f)the financing [F6expense] relating to debt factoring, or
(g)matters of such other description as may be specified in regulations made by the Commissioners.
[F7(1A)For the purposes of this section, expenses are “ancillary” to borrowing if and only if they are incurred directly—
(a)in bringing borrowing into existence or in altering its terms, or
(b)in making payments in respect of borrowing.
(1B)Where—
(a)a member of the group incurs expenses for the purpose of bringing borrowing into existence but the borrowing is not brought into existence, or
(b)a member of the group incurs expenses for the purpose of altering the terms of borrowing but the terms are not altered,
the expenses are treated as falling within subsection (1A)(a) to the same extent as if the borrowing had been brought into existence or the terms had been altered.]
(2)An amount that falls within any of paragraphs (a) to (g) of subsection (1) is to be disregarded for the purposes of that subsection to the extent that—
(a)the amount represents a dividend payable in respect of preference shares, and
(b)those shares are recognised as a liability in the financial statements of the group for the period.
Textual Amendments
F1Word in s. 332(1)(a) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(a), 36(1)
F2Word in s. 332(1)(b) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(a), 36(1)
F3Word in s. 332(1)(c) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(a), 36(1)
F4Words in s. 332(1)(d) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(b), 36(1)
F5Word in s. 332(1)(e) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(c), 36(1)
F6Word in s. 332(1)(f) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(2)(c), 36(1)
F7S. 332(1A)(1B) inserted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 26(3), 36(1)
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