Taxation (International and Other Provisions) Act 2010

[F1 332AA Change of accounting standards: investment entities U.K.

(1) The available amount for a period of account of the worldwide group is treated as increased by an amount equal to any amount that falls within subsection (2).

(2) An amount falls within this subsection if—

(a) it is an expense that—

(i) is a financing expense amount of a UK group company that is taken into account in calculating the tested expense amount or the tested income amount for the period of account of the worldwide group, or

(ii) arises in the period of account to a member of the worldwide group that is not a UK group company; and

(b) the expense referred to in paragraph (a) would be taken into account in calculating the available amount for the period but for the operation of paragraph 31 of International Financial Reporting Standard 10 or paragraph 9.9 of Financial Reporting Standard 102.]

Textual Amendments

F1 S. 332AA inserted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Tax Treatment of Financing Costs and Income (Change of Accounting Standards: Investment Entities) Regulations 2015 (S.I. 2015/662), regs. 1(1), 2(2)