Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 5 U.K. Tax treatment of financing costs and income

12 (1) Section 329 (the tested expense amount) is amended as follows. U.K.

(2) In subsection (3), for “arises as a result of a transaction that takes place” substitute “ accrues ”.

(3) After subsection (5) insert—

“(6) But subsection (5) does not apply if an election under section 331ZA has effect for the period of account.”